Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

3. EARNINGS PER SHARE

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents.

The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data):

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Numerator:
Net income	$	34,453	$	15,902	$	74,865	$	58,035
Denominator:
Weighted average shares of common stock outstanding		11,766		11,731		11,772		11,823
Effect of dilutive common stock equivalents		91		334		68		351
Weighted average shares of common stock outstanding		11,857		12,065		11,840		12,174
Earnings per share - basic	$	2.93	$	1.36	$	6.36	$	4.91
Earnings per share - diluted	$	2.91	$	1.32	$	6.32	$	4.77

The calculation of diluted EPS excluded 88 and 1,100 antidilutive options outstanding for the three months ended September 30, 2020 and 2019, respectively, and 545 and 876 antidilutive options outstanding for the nine months ended September 30, 2020 and 2019, respectively. The calculation of diluted EPS also excluded 0 and 1,374 antidilutive restricted stock awards for the three months ended September 30, 2020 and 2019, respectively, and 3,620 and 709 antidilutive restricted stock awards for the nine months ended September 30, 2020 and 2019, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed.