Earnings per Common Share

3 Months Ended

Mar. 31, 2021

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 presented:


	Three Months Ended
	March 31,
	2021		2020
	(in thousands except per share amounts)
Basic EPS:
Net income	$	51,853	$	14,628
Less: Earnings allocated to participating securities:

Nonvested restricted shares	155		249
Earnings allocated to common shareholders	$	51,698	$	14,379
Weighted average common shares outstanding	70,869		71,206
Basic earnings per common share	$	0.73	$	0.20
Diluted EPS:
Earnings allocated to common shareholders	$	51,698	$	14,379
Weighted average common shares outstanding	70,869		71,206
Dilutive effect of equity awards	240		58
Weighted average diluted common shares outstanding	71,109		71,264
Diluted earnings per common share	$	0.73	$	0.20
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	70		6