Earnings per Common Share

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
	(in thousands except per share amounts)
Basic EPS:
Net income	$	55,039	$	36,582	$	106,892	$	51,210
Less: Earnings allocated to participating securities:

Nonvested restricted shares	70		139		227		325
Earnings allocated to common shareholders	$	54,969	$	36,443	$	106,665	$	50,885
Weighted average common shares outstanding	70,987		70,679		70,924		70,942
Basic earnings per common share	$	0.77	$	0.52	$	1.50	$	0.72
Diluted EPS:
Earnings allocated to common shareholders	$	54,969	$	36,443	$	106,665	$	50,885
Weighted average common shares outstanding	70,987		70,679		70,924		70,942
Dilutive effect of equity awards	177		32		155		39
Weighted average diluted common shares outstanding	71,164		70,711		71,079		70,981
Diluted earnings per common share	$	0.77	$	0.52	$	1.50	$	0.72
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	248		571		158		450