Computation of Earnings Per Share

6 Months Ended

Jun. 30, 2019

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS reflects the potential dilution of securities that could share in earnings. When the impact of common share equivalents is anti-dilutive, they are excluded from the calculation.

The following table sets forth the calculation of basic and diluted income per share for the periods indicated (in thousands, except per share data):



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Numerator:
Net income used for calculating basic and diluted income per common share	$	103,406	$	46,270	$	124,201	$	26,683

Denominator:
Weighted average common shares used in the calculation of basic income per share	90,112		91,048		89,997		91,026
Common stock equivalents associated with stock-based compensation plans (1)	1,076		1,108		1,149		1,226
Shares used in the calculation of diluted income per share	91,188		92,156		91,146		92,252

Basic income per share	$	1.15	$	0.51	$	1.38	$	0.29
Diluted income per share	$	1.13	$	0.50	$	1.36	$	0.29

(1)

Certain common stock equivalents were not included in the computation of diluted income per share because the effect would have been anti-dilutive. These common share equivalents totaled less than 0.4 million for the three and six months ended June 30, 2018. For the three and six months ended June 30, 2019, approximately 0.3 million and 0.2 million common stock equivalents were excluded from the calculation of diluted income per share because they were anti-dilutive.