Net Income Per Share

3 Months Ended

Mar. 31, 2020

NET INCOME PER SHARE

Basic and diluted net income per share are calculated using the two-class method. Net income is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income is then divided by the weighted-average number of common shares and common share equivalents during the period.

The following table reconciles basic and diluted net income per share:


	Three Months Ended March 31,
(dollars and shares in thousands, except per share data)	2020		2019
Basic Net Income Per Share
Net income	$	22,640	$	56,276
Weighted average common shares outstanding	167,748		174,734
Basic Net Income Per Share	$	0.13	$	0.32
Diluted Net Income Per Share
Net income	$	22,640	$	56,276
Weighted average common shares outstanding	167,748		174,734
Effect of dilutive securities:
Restricted stock	616		582
Stock options (1)	40		52
Weighted average shares outstanding	168,404		175,368
Diluted Net Income Per Share	$	0.13	$	0.32

(1)Options to purchase 14 thousand shares outstanding at March 31, 2020 and 2019 were not included in the computation of net income per diluted share for the three months ended March 31, 2020 and 2019 because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive.