Net Income Per Common Share

9 Months Ended

Sep. 30, 2019

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested and outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:



	Three Months Ended
	September 30,
	2019		2018
Basic
Net income applicable to common stock	$	37,446	$	31,964
Average common shares outstanding	58,003,215		52,472,971
Net income per common share - basic	$	0.65	$	0.61
Diluted
Net income applicable to common stock	$	37,446	$	31,964
Average common shares outstanding	58,003,215		52,472,971
Effect of dilutive stock-based compensation	189,204		136,931
Average common shares outstanding - diluted	58,192,419		52,609,902
Net income per common share - diluted	$	0.64	$	0.61



	Nine Months Ended
	September 30,
	2019		2018
Basic
Net income applicable to common stock	$	129,181	$	102,500
Average common shares outstanding	58,347,840		50,425,797
Net income per common share - basic	$	2.21	$	2.03
Diluted
Net income applicable to common stock	$	129,181	$	102,500
Average common shares outstanding	58,347,840		50,425,797
Effect of dilutive stock-based compensation	160,742		127,395
Average common shares outstanding - diluted	58,508,582		50,553,192
Net income per common share - diluted	$	2.21	$	2.03

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:



	Three Months Ended
	September 30,
	2019	2018
Number of shares	691	43,779
Exercise prices (for stock option awards)	—	—



	Nine Months Ended
	September 30,
	2019	2018
Number of shares	1,334	73,507
Exercise prices (for stock option awards)	—	—