Earnings Per Share

6 Months Ended

Jun. 30, 2019

7. Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted EPS for the periods presented in the unaudited interim consolidated statements of income:

	Three Months Ended June 30,
(In thousands, except per share data)	2019		2018
Basic EPS:
Weighted average common shares outstanding		43,809		43,699
Net income available to common stockholders	$	30,555	$	28,121
Basic EPS	$	0.70	$	0.64

Diluted EPS:
Weighted average common shares outstanding		43,809		43,699
Dilutive effect of common stock options and restricted stock		311		318
Weighted average common shares and common share equivalents		44,120		44,017
Net income available to common stockholders	$	30,555	$	28,121
Diluted EPS	$	0.69	$	0.64

	Six Months Ended June 30,
(In thousands, except per share data)	2019		2018
Basic EPS:
Weighted average common shares outstanding		43,797		43,681
Net income available to common stockholders	$	59,682	$	54,107
Basic EPS	$	1.36	$	1.24

Diluted EPS:
Weighted average common shares outstanding		43,797		43,681
Dilutive effect of common stock options and restricted stock		300		311
Weighted average common shares and common share equivalents		44,097		43,992
Net income available to common stockholders	$	59,682	$	54,107
Diluted EPS	$	1.35	$	1.23

There were 1,500 stock options for the quarters ended June 30, 2019 and June 30, 2018, that were not considered in the calculation of diluted EPS since the stock options’ exercise price was greater than the average market price during these periods.

There were 1,500 stock options for the six months ended June 30, 2019 and June 30, 2018, that were not considered in the calculation of diluted EPS since the stock options’ exercise price was greater than the average market price during these periods.