Net Income Per Common Share

6 Months Ended

Jun. 30, 2020

Net Income Per Common Share

Net Income Per Common Share

Note 5 — Net Income Per Common Share

Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. During the six months ended June 30, 2020, 219,000 performance shares (at target performance) were excluded from the computation of Diluted EPS since the Company had not achieved the minimum target thresholds as of June 30, 2020. During the six months ended June 30, 2019, 165,000 performance shares (at target performance) were excluded from the computation of Diluted EPS since the Company had not achieved the minimum target thresholds as of June 30, 2019.

The calculation of the weighted average number of shares of common stock outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Numerator:
Net Income (loss)	$	(25,715)	$	88,052	$	4,273	$	176,233
Denominator:
Weighted average number of common shares outstanding		50,140		51,145		50,208		51,293
Effect of outstanding share-based awards		—		332		149		494
Weighted average number of shares for diluted net income per common share		50,140		51,477		50,357		51,787
Basic earnings per share	$	(0.51)	$	1.72	$	0.09	$	3.44
Diluted earnings per share	$	(0.51)	$	1.71	$	0.08	$	3.40