Earnings per Common Share

9 Months Ended

Sep. 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 nine months ended September 30, 2020 and 2019:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(in thousands except per share amounts)
Basic EPS:
Net income	$	44,734	$	50,727	$	95,944	$	148,322
Less: Earnings allocated to participating securities:

Nonvested restricted shares	164		358		487		1,204
Earnings allocated to common shareholders	$	44,570	$	50,369	$	95,457	$	147,118
Weighted average common shares outstanding	70,726		71,803		70,870		72,256
Basic earnings per common share	$	0.63	$	0.70	$	1.35	$	2.04
Diluted EPS:
Earnings allocated to common shareholders	$	44,570	$	50,369	$	95,457	$	147,118
Weighted average common shares outstanding	70,726		71,803		70,870		72,256
Dilutive effect of equity awards	36		—		36		1
Weighted average diluted common shares outstanding	70,762		71,803		70,906		72,257
Diluted earnings per common share	$	0.63	$	0.70	$	1.35	$	2.04
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	596		—		487		—