Earnings Per Share

6 Months Ended

Jun. 30, 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				Six Months Ended
(In thousands, except per share amounts)	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Numerator:
Net income	$	24,293	$	17,329	$	52,692	$	43,465
Denominator:
Weighted-average shares outstanding - basic	18,568		18,389		18,562		18,338
Effect of dilutive shares	162		271		149		297
Weighted-average shares outstanding - diluted	18,730		18,660		18,711		18,635
Basic earnings per share	$	1.31	$	0.94	$	2.84	$	2.37
Diluted earnings per share	$	1.30	$	0.93	$	2.82	$	2.33

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 June 30, 2019 and 2018, 6,256 shares and 27,145 shares were excluded, respectively.