Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Computation of Earnings Per Share

Computation of Earnings Per Share

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

	Three Months Ended
	March 31,
	2020		2019
Numerator:
Net income used for calculating basic and diluted income per common share	$	75,097	$	20,795
Denominator:
Weighted average common shares used in the calculation of basic income per share	89,219		89,882
Common stock equivalents associated with stock-based compensation plans (1)	847		1,122
Shares used in the calculation of diluted income per share	90,066		91,004
Basic income per share	$	0.84	$	0.23
Diluted income per share	$	0.83	$	0.23

(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 0.7 million and 0.2 million for the three months ended March 31, 2020 and 2019, respectively.