Earnings Per Share

6 Months Ended

Jun. 30, 2021

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)	2021		2020
Basic EPS:
Weighted average common shares outstanding		43,474		43,637
Net income available to common stockholders	$	40,296	$	24,713
Basic EPS	$	0.93	$	0.57

Diluted EPS:
Weighted average common shares outstanding		43,474		43,637
Dilutive effect of common stock options and restricted stock		319		291
Weighted average common shares and common share equivalents		43,793		43,928
Net income available to common stockholders	$	40,296	$	24,713
Diluted EPS	$	0.92	$	0.56

	Six Months Ended June 30,
(In thousands, except per share data)	2021		2020
Basic EPS:
Weighted average common shares outstanding		43,517		43,735
Net income available to common stockholders	$	80,142	$	35,081
Basic EPS	$	1.84	$	0.80

Diluted EPS:
Weighted average common shares outstanding		43,517		43,735
Dilutive effect of common stock options and restricted stock		323		291
Weighted average common shares and common share equivalents		43,840		44,026
Net income available to common stockholders	$	80,142	$	35,081
Diluted EPS	$	1.83	$	0.80

There was a nominal number of stock options outstanding for the three and six months ended June 30, 2021 and June 30, 2020, that were not considered in the calculation of diluted EPS since the stock options’ exercise prices were greater than the average market price during these periods.