Net Income Per Common Share

6 Months Ended

Jun. 30, 2020

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested and outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:


	Three Months Ended
	June 30,
	2020		2019
Basic
Net income applicable to common stock	$	20,130	$	46,625
Average common shares outstanding	56,165,452		58,461,024
Net income per common share - basic	$	0.36	$	0.80
Diluted
Net income applicable to common stock	$	20,130	$	46,625
Average common shares outstanding	56,165,452		58,461,024
Effect of dilutive stock-based compensation	160,024		157,952
Average common shares outstanding - diluted	56,325,476		58,618,976
Net income per common share - diluted	$	0.36	$	0.80



	Six Months Ended
	June 30,
	2020		2019
Basic
Net income applicable to common stock	$	22,138	$	91,735
Average common shares outstanding	56,350,134		58,523,007
Net income per common share - basic	$	0.39	$	1.57
Diluted
Net income applicable to common stock	$	22,138	$	91,735
Average common shares outstanding	56,350,134		58,523,007
Effect of dilutive stock-based compensation	164,465		146,049
Average common shares outstanding - diluted	56,514,599		58,669,056
Net income per common share - diluted	$	0.39	$	1.56

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:


	Three Months Ended
	June 30,
	2020	2019
Number of shares	264,183	4,524
Exercise prices (for stock option awards)	—	—



	Six Months Ended
	June 30,
	2020	2019
Number of shares	247,093	643
Exercise prices (for stock option awards)	—	—