Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
(In thousands, except per share amounts)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Numerator:
Net income	$	23,387	$	19,734	$	76,079	$	63,199
Denominator:
Weighted-average shares outstanding - basic	18,581		18,403		18,569		18,360
Effect of dilutive shares	143		275		146		289
Weighted-average shares outstanding - diluted	18,724		18,678		18,715		18,649
Basic earnings per share	$	1.26	$	1.07	$	4.10	$	3.44
Diluted earnings per share	$	1.25	$	1.06	$	4.07	$	3.39

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 September 30, 2019 and 2018, 3,173 shares and 37,700 shares were excluded, respectively.