Earnings per Common Share

3 Months Ended

Mar. 31, 2020

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 which qualify as participating securities.

The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2020 and 2019:



	Three Months Ended
	March 31,
	2020		2019
	(in thousands except per share amounts)
Basic EPS:
Net income	$	14,628	$	45,871
Less: Earnings allocated to participating securities:
Nonvested restricted shares	249		456
Earnings allocated to common shareholders	$	14,379	$	45,415
Weighted average common shares outstanding	71,206		72,521
Basic earnings per common share	$	0.20	$	0.63
Diluted EPS:
Earnings allocated to common shareholders	$	14,379	$	45,415
Weighted average common shares outstanding	71,206		72,521
Dilutive effect of equity awards	58		3
Weighted average diluted common shares outstanding	71,264		72,524
Diluted earnings per common share	$	0.20	$	0.63
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	6		—