Earnings per Share

3 Months Ended

Mar. 31, 2020

Note 18—Earnings per Share

A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 1,865,842 and 2,172,593 shares of common stock were outstanding as of March 31, 2020 and 2019, respectively. There were 502,689 and 181,846 restricted stock awards outstanding at March 31, 2020 and 2019, respectively.

The following represent the calculation of basic and diluted earnings per share for the periods presented:

	Three Months Ended March 31,
	2020		2019
Net income	$	2,966	$	12,597
Less: Dividends on preferred shares		196		196
Net income available to common stockholders	$	2,770	$	12,401
Weighted-average common stock outstanding:
Weighted-average common stock outstanding (basic)		37,943,333		36,169,477
Incremental shares		720,325		707,097
Weighted-average common stock outstanding (dilutive)		38,663,658		36,876,574
Basic earnings per common share	$	0.07	$	0.34
Diluted earnings per common share	$	0.07	$	0.34