EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2019

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE J – EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Six Months Ended
	June 30				June 30
	2019		2018		2019		2018
	(in thousands, except share and per share data)
Basic
Numerator:
Net income	$	24,376	$	1,233	$	29,264	$	11,187
Effect of unvested restricted stock awards		(11)		(4)		(26)		(31)
Adjusted net income	$	24,365	$	1,229	$	29,238	$	11,156
Denominator:
Weighted-average shares		25,554,286		25,670,325		25,562,306		25,656,674
Earnings per common share	$	0.95	$	0.05	$	1.14	$	0.43
Diluted
Numerator:
Net income	$	24,376	$	1,233	$	29,264	$	11,187
Effect of unvested restricted stock awards		(11)		(4)		(25)		(30)
Adjusted net income	$	24,365	$	1,229	$	29,239	$	11,157
Denominator:
Weighted-average shares		25,554,286		25,670,325		25,562,306		25,656,674
Effect of dilutive securities		877,306		1,029,224		920,705		996,608
Adjusted weighted-average shares and assumed conversions		26,431,592		26,699,549		26,483,011		26,653,282
Earnings per common share	$	0.92	$	0.05	$	1.10	$	0.42

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested RSUs that receive dividends, which are considered participating securities. Beginning with 2015 grants, the RSU agreements were modified to remove dividend rights; therefore, the RSUs granted subsequent to 2015 are not participating securities. For the three- and six-month periods ended June 30, 2019 and 2018, outstanding stock awards of 0.2 million and 0.1 million, respectively, were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share.