Earnings Per Share

9 Months Ended

Sep. 30, 2020

The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands, except share and per share amounts)
Net income (loss) to shareholders	$	26,283	$	(25,167)	$	25,082	$	17,868

Weighted average common shares outstanding:
Basic	30,582,540		30,382,105		30,529,557		30,230,490
Common share equivalents	364,303		—		309,038		428,899
Diluted	30,946,843		30,382,105		30,838,595		30,659,389

Earnings (loss) per share:
Basic	$	0.86	$	(0.83)	$	0.82	$	0.59
Common share equivalents	(0.01)		—		(0.01)		(0.01)
Diluted	$	0.85	$	(0.83)	$	0.81	$	0.58

For the three and nine months ended September 30, 2020, all common share equivalents are dilutive. For the three months ended September 30, 2019, common share equivalents of 431,137 were excluded from the calculation of diluted earnings per share as a net loss for the three months ended September 30, 2019 made the effects of all common share equivalents anti-dilutive. For the nine months ended September 30, 2019, all common share equivalents were dilutive.