Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2020 and 2019 (in thousands, except share and per share information):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Numerator
Net income	$	49,764	$	27,024	$	114,340	$	59,636
Denominator
Weighted average common shares outstanding - basic		33,350,633		30,587,487		33,299,768		30,378,860
Dilutive effect of restricted stock units		380,619		318,748		256,882		262,334
Weighted average common shares outstanding - diluted		33,731,252		30,906,235		33,556,650		30,641,194
Earnings per share:
Basic	$	1.49	$	0.88	$	3.43	$	1.96
Diluted	$	1.48	$	0.87	$	3.41	$	1.95

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 nine months ended September 30, 2020 and 2019, respectively, related to the PSUs for which performance conditions remain unsatisfied.