Net Income Per Common Share

12 Months Ended

Dec. 31, 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 stock options were exercised into common shares and nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards’ respective grant dates, calculated in accordance with the treasury method.

Basic and diluted net income per common share calculations are as follows for the periods presented:


	Year Ended December 31,
	2020		2019		2018
Basic
Net income applicable to common stock	$	83,651	$	167,596	$	146,920
Average common shares outstanding	56,270,566		58,046,716		52,492,104
Net income per common share—basic	$	1.49	$	2.89	$	2.80
Diluted
Net income applicable to common stock	$	83,651	$	167,596	$	146,920
Average common shares outstanding	56,270,566		58,046,716		52,492,104
Effect of dilutive stock-based compensation	197,599		179,970		134,746
Average common shares outstanding—diluted	56,468,165		58,226,686		52,626,850
Net income per common share—diluted	$	1.48	$	2.88	$	2.79

Outstanding 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:


	Year Ended
	December 31,
	2020	2019	2018
Number of shares	245,146	643	73,257
Range of exercise prices (for stock option awards)	—	—	—