Earnings per Share

9 Months Ended

Sep. 30, 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 1,676,371 and 1,992,273 shares of common stock were outstanding as of September 30, 2020 and 2019, respectively. There were 392,439 and 323,489 restricted stock awards outstanding at September 30, 2020 and 2019, respectively. For the three and nine months ended September 30, 2020, stock options outstanding of 105,657 and 50,000, respectively, were excluded from the calculation of diluted earnings per common share, as their effect would have been anti-dilutive.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income	$	13,071	$	15,342	$	25,176	$	41,150
Less: Dividends on preferred shares		196		196		587		587
Net income available to common stockholders	$	12,875	$	15,146	$	24,589	$	40,563
Weighted-average common stock outstanding:
Weighted-average common stock outstanding (basic)		38,057,350		37,831,356		37,973,694		37,094,083
Incremental shares		191,985		655,824		278,269		724,785
Weighted-average common stock outstanding (dilutive)		38,249,335		38,487,180		38,251,963		37,818,868
Basic earnings per common share	$	0.34	$	0.40	$	0.65	$	1.09
Diluted earnings per common share	$	0.34	$	0.39	$	0.64	$	1.07