Earnings Per Common Share

12 Months Ended

Dec. 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 has issued 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 periods indicated:


	Years Ended December 31,
	2020		2019		2018
	(in thousands except per share amounts)
Basic EPS:
Net income	$	154,244	$	194,451	$	172,882
Less: Earnings allocated to participating securities

Nonvested restricted shares	712		1,530		1,892
Earnings allocated to common shareholders	$	153,532	$	192,921	$	170,990
Weighted average common shares outstanding	70,835		71,999		72,385
Basic earnings per common share	$	2.17	$	2.68	$	2.36
Diluted EPS:
Earnings allocated to common shareholders	$	153,532	$	192,921	$	170,990
Weighted average common shares outstanding	70,835		71,999		72,385
Dilutive effect of equity awards and warrants	45		33		5
Weighted average diluted common shares outstanding	70,880		72,032		72,390
Diluted earnings per common share	$	2.17	$	2.68	$	2.36
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	289		8		4