Earnings Per Share

6 Months Ended

Jun. 30, 2020

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:


	Three months ended June 30,
(in thousands)	2020		2019
Net income	$	7,430	$	23,061
Average number of common shares outstanding	29,754		30,458
Effect of dilutive stock options and restricted stock	129		185
Average number of common shares outstanding used to calculate diluted earnings per share	29,883		30,643
Options excluded from diluted earnings per share because the effect of these options was antidilutive	—		—


	Six months ended June 30,
(in thousands)	2020		2019
Net income	$	23,551	$	45,787
Average number of common shares outstanding	30,074		30,441
Effect of dilutive stock options and restricted stock	129		209
Average number of common shares outstanding used to calculate diluted earnings per share	30,203		30,650
Options excluded from diluted earnings per share because the effect of these options was antidilutive	—		—