Earnings per Common Share

The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company issues restricted shares under share-based compensation plans and preferred shares which qualify as participating securities.

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2018 and 2017:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
	(in thousands except per share)
Basic EPS:
Net income	$	41,749	$	27,132	$	81,719	$	56,331
Less: Earnings allocated to participating securities:
Preferred shares	—		—		—		3
Nonvested restricted shares	473		362		909		759
Earnings allocated to common shareholders	$	41,276	$	26,770	$	80,810	$	55,569
Weighted average common shares outstanding	72,385		57,520		72,343		57,437
Basic earnings per common share	$	0.57	$	0.47	$	1.12	$	0.97
Diluted EPS:
Earnings allocated to common shareholders	$	41,276	$	26,770	$	80,810	$	55,569
Weighted average common shares outstanding	72,385		57,520		72,343		57,437
Dilutive effect of equity awards	5		5		4		5
Weighted average diluted common shares outstanding	72,390		57,525		72,347		57,442
Diluted earnings per common share	$	0.57	$	0.47	$	1.12	$	0.97
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	3		12		7		13