Earnings per Share

12 Months Ended

Dec. 31, 2019

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. For the year ended December 31, 2019, there were no shares related to outstanding options that were dilutive as the Company had no stock options outstanding. For the years ended December 31, 2018, September 30, 2017, and the three months ended December 31, 2017, the Company did not have any stock options outstanding.

(18) 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 years ended December 31, 2019 and 2018, September 30, 2017, and the three months ended December 31, 2017:



	December 31,				Three Months Ended December 31,		September 30,
	2019		2018		2017		2017
	(Dollars in thousands, except share and per share data)

Net income	$	54,717	$	22,736	$	3,678	$	31,072
Shares:
Weighted average shares outstanding - basic	111,101,246		111,395,723		N/A		N/A
Weighted average dilutive shares outstanding	—		—		N/A		N/A
Weighted average shares outstanding - diluted	111,101,246		111,395,723		N/A		N/A
Earnings per share:
Basic	$	0.49	$	0.20	N/A		N/A
Diluted	$	0.49	$	0.20	N/A		N/A

The average number of stock options which were anti-dilutive and were not included in the computation of diluted earnings per share, totaled 1,111,650, for the year ended December 31, 2019. There were no stock options outstanding for the years ended December 31, 2018 and September 30, 2017, or during the three months ended December 31, 2017.