Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per ShareBasic net income per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding during the period. Diluted EPS is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury-stock method. For purposes of the diluted EPS calculation, stock options and restricted stock unit awards are considered to be potential common shares. Performance-based restricted stock units are not included in the calculation of diluted EPS until they are contingently issuable.

The basic and diluted EPS calculations for the three and nine months ended September 30, 2020 and 2019 are presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2020		2019		2020		2019
Income attributable to common stockholders	$	44,895	$	33,597	$	110,546	$	89,646

Weighted average common shares outstanding, basic	67,141		66,685		67,001		66,681
Effect of dilutive securities:
Restricted stock units (a)	682		544		602		450
Stock options	144		132		122		109

Weighted average common shares outstanding, diluted	67,967		67,361		67,725		67,240

Basic income per common share	$	0.67	$	0.50	$	1.65	$	1.34
Diluted income per common share	$	0.66	$	0.50	$	1.63	$	1.33

(a) Includes service-based and contingently issuable performance-based restricted stock units.

For the three and nine months ended September 30, 2020 and 2019, there were no anti-dilutive restricted stock units or stock options. As of September 30, 2020, the number of currently outstanding performance-based restricted stock units that are issued upon vesting could range from zero to a maximum of 0.9 million.