Note 4. Earnings Per Share

The Company calculates earnings per share under ASC 260, “Earnings Per Share”. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.

The following tables show the Company’s earnings per share for the periods presented:



	For the three months ended
	March 31, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 13,161	57,220,844	$ 0.23
Effect of dilutive securities
Common stock options and restricted stock units	-	705,941	-
Diluted earnings per share
Net earnings available to common shareholders	$ 13,161	57,926,785	$ 0.23



	For the three months ended
	March 31, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic loss per share from discontinued operations
Net loss available to common shareholders	$ (570)	57,220,844	$ (0.01)
Effect of dilutive securities
Common stock options and restricted stock units	-	-	-
Diluted loss per share
Net loss available to common shareholders	$ (570)	57,220,844	$ (0.01)



	For the three months ended
	March 31, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 12,591	57,220,844	$ 0.22
Effect of dilutive securities
Common stock options and restricted stock units	-	705,941	-
Diluted earnings per share
Net earnings available to common shareholders	$ 12,591	57,926,785	$ 0.22

Stock options for 1,229,604 shares, exercisable at prices between $6.75 and $10.45 per share, were outstanding at March 31, 2020, and accordingly were not included in the dilutive earnings per share computation because the exercise price per share was greater than the average market price. Thus, all options outstanding were anti-dilutive.



	For the three months ended
	March 31, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 17,411	56,522,015	$ 0.31
Effect of dilutive securities
Common stock options and restricted stock units	-	354,647	-
Diluted earnings per share
Net earnings available to common shareholders	$ 17,411	56,876,662	$ 0.31



	For the three months ended
	March 31, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$ 519	56,522,015	$ 0.01
Effect of dilutive securities
Common stock options and restricted stock units	-	354,647	-
Diluted earnings per share
Net earnings available to common shareholders	$ 519	56,876,662	$ 0.01



	For the three months ended
	March 31, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 17,930	56,522,015	$ 0.32
Effect of dilutive securities
Common stock options and restricted stock units	-	354,647	-
Diluted earnings per share
Net earnings available to common shareholders	$ 17,930	56,876,662	$ 0.32

Stock options for 919,000 shares, exercisable at prices between $6.75 and $8.57 per share, were outstanding at March 31, 2019, and included in the dilutive earnings per share computation shares because the exercise price per share was less than the average market price. Stock options for 422,604 were anti-dilutive and not included in the earnings per share calculation.