EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2020

Earnings Per Share

Earnings Per Share

Note 3–Earnings Per Share

Basic earnings per common share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributable to non-vested stock units and stock options outstanding, if dilutive.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Net income	$	16,930	$	23,750	$	39,469	$	60,145
Denominator:
Denominator for basic earnings per share		26,130		26,323		26,158		26,339
Dilutive effect of unvested employee stock awards		181		156		179		157
Denominator for diluted earnings per share		26,311		26,479		26,337		26,496
Earnings per share:
Basic	$	0.65	$	0.90	$	1.51	$	2.28
Diluted	$	0.64	$	0.90	$	1.50	$	2.27

For the three and nine months ended September 30, 2020, the Company had no outstanding non-vested stock units that were excluded from the computation of diluted earnings per share because including them would have had an anti-dilutive effect.