Earnings Per Share

6 Months Ended

Jun. 30, 2020

Note 18 -- Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted earnings per share during periods of net income or loss.

A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below.

	Three Months Ended							Three Months Ended
	June 30, 2020							June 30, 2019
	Income			Shares		Per Share		Income			Shares		Per Share
	(Numerator)			(Denominator)		Amount		(Numerator)			(Denominator)		Amount
Net income	$	8,936						$	7,553
Less: Income attributable to participating securities		(465	)						(405	)
Basic Earnings Per Share:
Income allocated to common stockholders		8,471			7,324	$	1.16		7,148			7,666	$	0.93
Effect of Dilutive Securities:
Stock options		—			4				—			15
Convertible senior notes		1,948			2,357				1,871			2,346
Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions	$	10,419			9,685	$	1.08	$	9,019			10,027	$	0.90

	Six Months Ended							Six Months Ended
	June 30, 2020							June 30, 2019
	Income			Shares		Per Share		Income			Shares		Per Share
	(Numerator)			(Denominator)		Amount		(Numerator)			(Denominator)		Amount
Net income	$	9,483						$	14,291
Less: Income attributable to participating securities		(472	)						(821	)
Basic Earnings Per Share:
Income allocated to common stockholders		9,011			7,347	$	1.23		13,470			7,701	$	1.75
Effect of Dilutive Securities:
Stock options		—			6				—			16
Convertible senior notes*		—			—				4,868			2,947
Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions	$	9,011			7,353	$	1.23	$	18,338			10,664	$	1.72

For the six months ended June 30, 2020, convertible senior notes were excluded due to anti-dilutive effect.