Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Reconciliation of Numerators and Denominators of Basic Earnings Per Share with Diluted Earnings Per Share

The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented.



	Three Months Ended March 31,
(in thousands, except share and per share data)	2019			2018
Numerator for Earnings per Share—Basic:
Net income		$	22,928		$	26,163
Less: Income allocated to participating shares		62			80
Net Income Allocated to Shareholders		$	22,866		$	26,083

Numerator for Earnings per Share—Diluted:
Net income		$	22,928		$	26,163
Net Income Available to Shareholders		$	22,928		$	26,163

Denominators for Earnings per Share:
Weighted Average Shares Outstanding—Basic		34,414,555			34,756,726
Add: Potentially dilutive shares		128,256			242,439
Denominator for Treasury Stock Method—Diluted		34,542,811			34,999,165

Weighted Average Shares Outstanding—Basic		34,414,555			34,756,726
Add: Average participating shares outstanding		92,659			106,722
Denominator for Two-Class Method—Diluted		34,507,214			34,863,448

Earnings per share—basic		$	0.67		$	0.75
Earnings per share—diluted		$	0.66		$	0.75
Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019 ⁽¹⁾		—			400,722
Restricted stock considered anti-dilutive excluded from potentially dilutive shares		68,314			90,298

⁽¹⁾We repurchased our outstanding warrant on September 11, 2018 for $7.7 million. Prior to the repurchase, the warrant provided the holder the right to 517,012 shares of common stock at a strike price of $31.53 per share via cashless exercise.