Computation of Earnings Per Share

9 Months Ended

Sep. 30, 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):

	Third Quarter				Nine Months
	2021		2020		2021		2020
Numerator:
Net income	$	79,709	$	41,539	$	179,474	$	98,104
Denominator:
Denominator for basic earnings per share–weighted average common shares		26,334		26,150		26,317		26,118
Effect of dilutive stock options		109		109		113		96
Effect of other common stock equivalents		270		356		269		355
Denominator for diluted earnings per share–adjusted weighted average common shares		26,713		26,615		26,699		26,569

Basic Earnings Per Share	$	3.03	$	1.59	$	6.82	$	3.76

Diluted Earnings Per Share	$	2.98	$	1.56	$	6.72	$	3.69

For both the quarter and nine months ended September 30, 2021, options and restricted stock for 19,250 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive. 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.