Earnings Per Share

3 Months Ended

Mar. 31, 2021

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock awards. Performance awards are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. There are no differences in the numerators of our computations of basic and diluted earnings per share for any periods presented.

The computation of basic and diluted earnings per share is shown below (in thousands, except per share amounts).


	Three Months Ended March 31,
	2021		2020
Net income	$	46,492	$	23,058
Weighted average common shares outstanding	67,932		69,253
Dilutive effect of stock-based awards	291		356
Shares used in computing diluted earnings per share	68,223		69,609
Basic earnings per share	$	0.68	$	0.33
Diluted earnings per share	$	0.68	$	0.33