Earnings per Common Share

3 Months Ended

Mar. 31, 2019

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 EPS for the three months ended March 31, 2019 and 2018:



	Three Months Ended
	March 31,
	2019		2018
	(in thousands except per share amounts)
Basic EPS:
Net income	$	45,871	$	39,970
Less: Earnings allocated to participating securities:
Nonvested restricted shares	456		437
Earnings allocated to common shareholders	$	45,415	$	39,533
Weighted average common shares outstanding	72,521		72,300
Basic earnings per common share	$	0.63	$	0.55
Diluted EPS:
Earnings allocated to common shareholders	$	45,415	$	39,533
Weighted average common shares outstanding	72,521		72,300
Dilutive effect of equity awards	3		5
Weighted average diluted common shares outstanding	72,524		72,305
Diluted earnings per common share	$	0.63	$	0.55
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	—		12