Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share

Earnings Per Share

Note 19. Earnings Per Share

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 December 31, 2019, 191,278 warrants and 201,029 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents. At December 31, 2018, 191,278 warrants and 172,571 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.

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

	For the Years Ended December 31,
	2019		2018		2017
Net income	$	102,953	$	98,928	$	62,726
Shares:
Weighted average common shares outstanding		54,852		48,854		42,685
Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method		280		361		441
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation		55,132		49,215		43,126
Basic earnings per common share	$	1.88	$	2.02	$	1.47
Diluted earnings per common share	$	1.87	$	2.01	$	1.45