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Computation of Earnings Per Share
 6 Months Ended
Jun. 30, 2020
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):

 

 

 

Second Quarter

 

 

Six Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

28,454

 

 

$

37,073

 

 

$

56,565

 

 

$

59,332

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share–weighted

     average common shares

 

 

26,134

 

 

 

25,958

 

 

 

26,102

 

 

 

25,915

 

Effect of dilutive stock options

 

 

77

 

 

 

107

 

 

 

87

 

 

 

116

 

Effect of other common stock equivalents

 

 

358

 

 

 

341

 

 

 

354

 

 

 

342

 

Denominator for diluted earnings per share–adjusted

     weighted average common shares

 

 

26,569

 

 

 

26,406

 

 

 

26,543

 

 

 

26,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

1.09

 

 

$

1.43

 

 

$

2.17

 

 

$

2.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

1.07

 

 

$

1.40

 

 

$

2.13

 

 

$

2.25

 

 

For the quarter and six months ended June 30, 2020, options and restricted stock for 48,840 and 65,053 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.  For the quarter and six months ended June 30, 2019, options and restricted stock for 113,251 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.