EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2020

EARNINGS PER SHAREBasic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, any nonvested shares of restricted stock that have been issued by the Company and are contingently returnable to the Company are excluded from the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, unvested restricted stock and unvested equity-settled RSUs. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share of common stock as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Numerator for basic and diluted earnings per share:
Net income	$	66,624	$	58,777	$	152,189	$	119,531
Numerator for basic and diluted earnings per share	$	66,624	$	58,777	$	152,189	$	119,531

Denominator:
Weighted average common shares for basic earnings per share	55,700,706		54,681,959		55,493,727		54,464,753
Net effect of dilutive stock options, restricted stock units and restricted stock awards	2,545,525		2,932,325		2,700,674		2,961,810
Weighted average common shares for diluted earnings per share	58,246,231		57,614,284		58,194,401		57,426,563

Net income per share:
Basic	$	1.20	$	1.07	$	2.74	$	2.19
Diluted	$	1.14	$	1.02	$	2.62	$	2.08

The number of shares underlying equity-based awards that were excluded from the calculation of diluted earnings per share as their effect would be anti-dilutive was 146,732 and 77,925 during the three and six months ended June 30, 2020, respectively.

The number of shares underlying equity-based awards that were excluded from the calculation of diluted earnings per share as their effect would be anti-dilutive was 168,451 and 97,327 during the three and six months ended June 30, 2019, respectively.