Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

Earnings Per Common Share

Earnings Per Common Share

Note 7: Earnings Per Common Share

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Net income	$	25,806	$	24,085	$	41,170	$	49,554
Shares:
Weighted average common shares outstanding		54,489		55,638		54,576		54,464
Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method		216		303		231		300
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation		54,705		55,941		54,807		54,764
Basic earnings per common share	$	0.47	$	0.43	$	0.75	$	0.91
Diluted earnings per common share	$	0.47	$	0.43	$	0.75	$	0.90

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 June 30, 2020, 367,121 outstanding restricted stock units, 39,525 outstanding stock options and 191,278 warrants were anti-dilutive and excluded from the calculation of common stock equivalents. At June 30, 2019, 169,258 outstanding restricted stock equivalents, 48,107 outstanding stock options and 191,278 warrants were anti-dilutive and excluded from the calculation of common stock equivalents.