Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

Earnings Per Common Share

Earnings Per Common Share

Note 8: Earnings Per Common Share

Earnings per common share have been computed as follows (in thousands, except per share data):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Net income	$	24,828	$	26,859	$	74,382	$	73,638
Shares:
Weighted average common shares outstanding		55,410		48,892		54,783		48,828
Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method		236		355		275		388
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation		55,646		49,247		55,058		49,216
Basic earnings per common share	$	0.45	$	0.55	$	1.36	$	1.51
Diluted earnings per common share	$	0.45	$	0.55	$	1.35	$	1.50

Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include deferred stock units that are vested but not delivered.

Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options and warrants were exercised and restricted stock units were vested. At September 30, 2019, 385,322 outstanding restricted stock units and 191,278 warrants were anti-dilutive and excluded from the calculation of common stock equivalents. At September 30, 2018, 172,571 outstanding restricted stock equivalents and 191,278 warrants were anti-dilutive and excluded from the calculation of common stock equivalents.