WEIGHTED AVERAGE SHARES OUTSTANDING

9 Months Ended

Sep. 30, 2020

NOTE 9 – WEIGHTED AVERAGE SHARES OUTSTANDING

Earnings per share have been computed based on the following weighted average number of common shares outstanding:


	Three Months Ended September 30,		Nine Months Ended September 30,
(share data in thousands)	2020	2019	2020	2019
Average common shares outstanding	69,231	69,372	69,243	54,762
Common share equivalents:
Stock options	5	145	22	46
Nonvested restricted share grants	85	83	122	75
Performance share units	25	—	16	—
Average common shares outstanding, assuming dilution	69,346	69,600	69,403	54,883

For the three and nine-month periods ended September 30, 2020, there were outstanding 252,765 and 253,765 options exerciseable for common shares, respectively, with strike prices that would cause the underlying shares to be anti-dilutive. Therefore, such option shares have been excluded. For the three and nine-month periods ended September 30, 2019, there were no outstanding options exerciseable for common shares with strike prices that would cause the underlying shares to be anti-dilutive.