Earnings per Share

Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock.

Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method.

2. Earnings per Share (continued)

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2019 and 2018:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
	(Dollars in thousands, except per share data)

Net income	$	14,218	$	10,827	$	41,168	$	7,869

Shares:
Weighted average shares outstanding - basic	111,371,754		111,389,951		111,486,179		111,380,218
Effect of dilutive common stock equivalents (1)	—		—		—		—
Weighted average shares outstanding - diluted	111,371,754		111,389,951		111,486,179		111,380,218

Earnings per share:
Basic	$	0.13	$	0.10	$	0.37	$	0.07
Diluted	$	0.13	$	0.10	$	0.37	$	0.07

(1) During the three and nine months ended September 30, 2019 the average number of stock options which were antidilutive and were not included in the computation of diluted earnings per share totaled approximately 790,000 and 310,000, respectively. There were no stock options outstanding for the three and nine months ended September 30, 2018.