Earnings Per Share

6 Months Ended

Jun. 30, 2021

Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. For the three and six months ended June 30, 2021 and 2020, diluted EPS was reported using the two-class method. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented.


	Three Months Ended June 30,						Six months ended June 30,
(in thousands, except share and per share data)	2021			2020			2021			2020
Numerator for Earnings per Share—Basic:
Net income		$	28,367		$	(33,072)		$	60,268		$	(19,841)
Less: Income allocated to participating shares		141			—			283			—
Net Income Allocated to Shareholders		$	28,226		$	(33,072)		$	59,985		$	(19,841)

Numerator for Earnings per Share—Diluted:
Net income		$	28,367		$	(33,072)		$	60,268		$	(19,841)
Net Income Available to Shareholders		$	28,367		$	(33,072)		$	60,268		$	(19,841)

Denominators for Earnings per Share:
Weighted Average Shares Outstanding—Basic		39,048,971			39,013,161			39,039,007			39,142,351
Add: Potentially dilutive shares		90,590			—			93,583			—
Denominator for Treasury Stock Method—Diluted		39,139,561			39,013,161			39,132,590			39,142,351

Weighted Average Shares Outstanding—Basic		39,048,971			39,013,161			39,039,007			39,142,351
Add: Average participating shares outstanding		—			—			—			—
Denominator for Two-Class Method—Diluted		39,048,971			39,013,161			39,039,007			39,142,351

Earnings per share—basic		$	0.73		$	(0.85)		$	1.54		$	(0.51)
Earnings per share—diluted		$	0.72		$	(0.85)		$	1.54		$	(0.51)


Restricted stock considered anti-dilutive excluded from potentially dilutive shares		25			21,333			424			82,624