Earnings Per Share

6 Months Ended

Jun. 30, 2020

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.



	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2020		2019		2020		2019
Net income as reported	$	14,634	$	18,424	$	27,502	$	34,580

Weighted average common shares outstanding	26,180		26,887		26,325		25,415
Additional dilutive common stock equivalents	15		53		29		73
Weighted average diluted common shares outstanding	26,195		26,940		26,354		25,488

Basic earnings per common share:	$	0.56	$	0.69	$	1.04	$	1.36
Diluted earnings per common share:	0.56		0.68		$	1.04	$	1.36

For the three and six months ended June 30, 2020 common stock equivalents of approximately 157,000 and 147,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 130,000 and 99,000 common stock equivalents excluded in the prior year periods, respectively.