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Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Summary of Reconciliation of Basic Earnings Per Share and Diluted Earnings Per Share

The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three months ended June 30, 2020 and 2019:

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(in thousands except per share amounts)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

44,720

 

 

$

14,383

 

 

$

101,886

 

 

$

28,910

 

Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic: Weighted average number of shares outstanding

 

 

67,821

 

 

 

67,583

 

 

 

67,806

 

 

 

67,552

 

Plus: Incremental shares from assumed conversion of dilutive instruments

 

 

5,383

 

 

 

5,938

 

 

 

6,012

 

 

 

5,410

 

Diluted: Weighted average number of shares outstanding

 

 

73,204

 

 

 

73,521

 

 

 

73,818

 

 

 

72,962

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

0.66

 

 

$

0.21

 

 

$

1.50

 

 

$

0.43

 

Diluted:

 

$

0.61

 

 

$

0.20

 

 

$

1.38

 

 

$

0.40