Earnings Per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share of Common Stock

Summary of basic and diluted earnings per share calculations

	Quarter ended March 31,
	2020		2019
	(in thousands, except per share amounts)
Net income	$	306,243	$	46,135
Weighted average basic shares of common stock outstanding		78,689		77,653
Effect of dilutive shares:
Common shares issuable under stock-based compensation plan		3,319		1,633
Weighted average shares of common stock applicable to diluted earnings per share		82,008		79,286
Basic earnings per share of common stock	$	3.89	$	0.59
Diluted earnings per share of common stock	$	3.73	$	0.58

Schedule of anti-dilutive shares outstanding

	Quarter ended March 31,
	2020		2019
	(in thousands except for weighted-average exercise price)
Performance-based RSUs (1)		162		1,279
Time-based RSUs		117		61
Stock options (2)		105		706
Total anti-dilutive shares and units		384		2,046
Weighted average exercise price of anti-dilutive stock options (2)	$	35.03	$	24.26

(1) Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved.

Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock prices for the period.