Net Income Per Share

9 Months Ended

Sep. 30, 2020

NET INCOME PER SHAREBasic 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 September 30,				Nine Months Ended September 30,
(dollars and shares in thousands, except per share data)	2020		2019		2020		2019
Basic Net Income Per Share
Net income	$	77,944	$	69,781	$	152,289	$	189,021
Weighted average common shares outstanding	164,773		170,746		165,748		172,807
Basic Net Income Per Share	$	0.47	$	0.41	$	0.92	$	1.10
Diluted Net Income Per Share
Net income	$	77,944	$	69,781	$	152,289	$	189,021
Weighted average common shares outstanding	164,773		170,746		165,748		172,807
Effect of dilutive securities:
Restricted stock	611		761		586		672
Stock options and appreciation rights	35		44		36		48
Weighted average shares outstanding	165,419		171,551		166,370		173,527
Diluted Net Income Per Share	$	0.47	$	0.41	$	0.92	$	1.09