Earnings Per Share

9 Months Ended

Sep. 30, 2019

Note 12 - Earnings Per Share

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 September 30,
(in thousands)	2019		2018
Net income	$	23,395	$	16,170
Average number of common shares outstanding	30,509		30,011
Effect of dilutive stock options and restricted stock	120		280
Average number of common shares outstanding used to calculate diluted earnings per share	30,629		30,291
Options excluded from diluted earnings per share because the effect of these options was antidilutive	42		10


	Nine months ended September 30, 2019
(in thousands)	2019		2018
Net income	$	69,182	$	45,109
Average number of common shares outstanding	30,464		25,317
Effect of dilutive stock options and restricted stock	179		300
Average number of common shares outstanding used to calculate diluted earnings per share	30,643		25,617
Options excluded from diluted earnings per share because the effect of these options was antidilutive	42		10