Earnings Per Share

3 Months Ended

Mar. 31, 2020

Basic earnings per common share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. During the quarter ended March 31, 2020, 2,033,345 stock options were not included in the computation of diluted earnings per share because the stock options’ exercise price was less than the average market price of the common shares of $14.62. All stock options outstanding during the quarter ended March 31, 2019 were included in the computation of diluted earnings per share because the stock options’ exercise price was less than the average market price of the common shares of $17.74.

The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts):



	Quarter ended March 31,
	2020		2019
Net income available to common shareholders	$	7,939	25,044

Weighted average common shares outstanding	105,882,553		103,101,789
Dilutive potential shares due to effect of stock options	265,694		1,394,803
Total weighted average common shares and dilutive potential shares	$	106,148,247	104,496,592

Basic earnings per share	$	0.08	0.24

Diluted earnings per share	$	0.07	0.24