Computation of Earnings Per Share

9 Months Ended

Sep. 30, 2020

(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
	2020		2019		2020		2019
Numerator:
Net income	$	41,539	$	32,968	$	98,104	$	92,300
Denominator:
Denominator for basic earnings per share–weighted average common shares		26,150		25,978		26,118		25,936
Effect of dilutive stock options		109		125		96		120
Effect of other common stock equivalents		356		357		355		357
Denominator for diluted earnings per share–adjusted weighted average common shares		26,615		26,460		26,569		26,413

Basic Earnings Per Share	$	1.59	$	1.27	$	3.76	$	3.56

Diluted Earnings Per Share	$	1.56	$	1.25	$	3.69	$	3.49

For the quarter ended September 30, 2020, there were no anti-dilutive options or restricted stock. For the nine months ended September 30, 2020, options and restricted stock for 53,025 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, 2019, options and restricted stock for 103,290 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.