Earnings per Common Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2020 and 2019:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
	(in thousands except per share amounts)
Basic EPS:
Net income	$	36,582	$	51,724	$	51,210	$	97,595
Less: Earnings allocated to participating securities:
Nonvested restricted shares	139		378		325		838
Earnings allocated to common shareholders	$	36,443	$	51,346	$	50,885	$	96,757
Weighted average common shares outstanding	70,679		72,451		70,942		72,486
Basic earnings per common share	$	0.52	$	0.71	$	0.72	$	1.33
Diluted EPS:
Earnings allocated to common shareholders	$	36,443	$	51,346	$	50,885	$	96,757
Weighted average common shares outstanding	70,679		72,451		70,942		72,486
Dilutive effect of equity awards	32		—		39		1
Weighted average diluted common shares outstanding	70,711		72,451		70,981		72,487
Diluted earnings per common share	$	0.52	$	0.71	$	0.72	$	1.33
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	571		—		450		—