Net Income Per Common Share

9 Months Ended

Sep. 30, 2020

(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,
	2020		2019
Basic
Net income applicable to common stock	$	29,992	$	37,446
Average common shares outstanding	56,185,884		58,003,215
Net income per common share - basic	$	0.53	$	0.65
Diluted
Net income applicable to common stock	$	29,992	$	37,446
Average common shares outstanding	56,185,884		58,003,215
Effect of dilutive stock-based compensation	200,269		189,204
Average common shares outstanding - diluted	56,386,153		58,192,419
Net income per common share - diluted	$	0.53	$	0.64



	Nine Months Ended
	September 30,
	2020		2019
Basic
Net income applicable to common stock	$	52,130	$	129,181
Average common shares outstanding	56,294,984		58,347,840
Net income per common share - basic	$	0.93	$	2.21
Diluted
Net income applicable to common stock	$	52,130	$	129,181
Average common shares outstanding	56,294,984		58,347,840
Effect of dilutive stock-based compensation	173,593		160,742
Average common shares outstanding - diluted	56,468,577		58,508,582
Net income per common share - diluted	$	0.92	$	2.21

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,
	2020	2019
Number of shares	237,212	691
Exercise prices (for stock option awards)	—	—



	Nine Months Ended
	September 30,
	2020	2019
Number of shares	255,448	1,334
Exercise prices (for stock option awards)	—	—