Earnings Per Share

6 Months Ended

Jun. 30, 2020

14. Earnings Per Share

We use the treasury stock method to calculate earnings per share as our currently issued non-vested RSUs and PSUs do not have participating rights.

The following table sets forth the computation of basic and diluted EPS for the three and six months ended June 30, 2020 and 2019 (in thousands, except share and per share information):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Numerator
Net income	$	38,450	$	15,495	$	64,576	$	32,612
Denominator
Weighted average common shares outstanding - basic		33,340,184		30,341,628		33,274,056		30,272,818
Dilutive effect of restricted stock units		121,510		227,220		195,013		234,127
Weighted average common shares outstanding - diluted		33,461,694		30,568,848		33,469,069		30,506,945
Earnings per share:
Basic	$	1.15	$	0.51	$	1.94	$	1.08
Diluted	$	1.15	$	0.51	$	1.93	$	1.07

Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 0.8 million and 0.6 million common unit equivalents from diluted earnings per share during the three and six months ended June 30, 2020 and 2019, respectively, related to the PSUs for which performance conditions remain unsatisfied.