Earnings Per Share

3 Months Ended

Mar. 31, 2019

Note 8 – Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated:



(In thousands, except per share amounts)	Three Months Ended
(In thousands, except per share amounts)	March 31, 2019		March 31, 2018
Numerator:
Net income	$	28,399	$	26,136
Denominator:
Weighted-average shares outstanding - basic	18,557		18,288
Effect of dilutive shares	135		322
Weighted-average shares outstanding - diluted	18,692		18,610
Basic earnings per share	$	1.53	$	1.43
Diluted earnings per share	$	1.52	$	1.40

Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For the three months ended March 31, 2019, 23,081 shares were excluded. For the three months ended March 31, 2018, no shares were excluded.