Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2021

(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):

	First Quarter
	2021		2020
Numerator:
Net income	$	37,291	$	28,111
Denominator:
Denominator for basic earnings per share–weighted average common shares		26,285		26,070
Effect of dilutive stock options		121		96
Effect of other common stock equivalents		265		326
Denominator for diluted earnings per share–adjusted weighted average common shares		26,671		26,492

Basic Earnings Per Share	$	1.42	$	1.08

Diluted Earnings Per Share	$	1.40	$	1.06

For the quarter ended March 31, 2021, options and restricted stock for 20,164 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive. For the quarter ended March 31, 2020, options and restricted stock for 69,211 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.