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Computation of Earnings Per Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

(2) Computation of Earnings Per Share

The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts):

 

 

 

Third Quarter

 

 

Nine Months

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

32,968

 

 

$

28,195

 

 

$

92,300

 

 

$

79,601

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic  earnings per share–weighted

     average common shares

 

 

25,978

 

 

 

25,792

 

 

 

25,936

 

 

 

25,752

 

Effect of dilutive stock options

 

 

125

 

 

 

167

 

 

 

120

 

 

 

168

 

Effect of other common stock equivalents

 

 

357

 

 

 

395

 

 

 

357

 

 

 

408

 

Denominator for diluted earnings per share–adjusted

     weighted average common shares

 

 

26,460

 

 

 

26,354

 

 

 

26,413

 

 

 

26,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

1.27

 

 

$

1.09

 

 

$

3.56

 

 

$

3.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

1.25

 

 

$

1.07

 

 

$

3.49

 

 

$

3.02

 

 

For the quarter and nine months ended September 30, 2019, options and restricted stock for 103,920 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.  For the quarter and nine months ended September 30, 2018, options and restricted stock for 45,150 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.