Three Months Ended

March 31,

2020

2019

(Dollars in thousands, except per

share amounts)

Numerator

Net income

$

36,760

$

40,550

Less: distributed earnings allocated to participating securities

(135

)

(111

)

Less: undistributed earnings allocated to participating securities

(96

)

(139

)

Net income attributable to common stockholders (numerator for basic earnings per share)

36,529

40,300

Add back: undistributed earnings allocated to participating securities

96

139

Less: undistributed earnings reallocated to participating securities

(93

)

(136

)

Numerator for diluted earnings per share under two class method

$

36,532

$

40,303

Denominator

Weighted-average common shares outstanding

62,491,238

60,939,364

Add: dilutive effect of stock options

1,862,619

1,217,846

Add: dilutive effect of performance stock units

577,368

551,124

Denominator for diluted earnings per share under two class method

64,931,225

62,708,334

Basic Earnings Per Common Share

$

0.58

$

0.66

Diluted Earnings Per Common Share

$

0.56

$

0.64