Computation of Earnings Per Share

9 Months Ended

Sep. 30, 2020

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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Numerator:
Net income used for calculating basic and diluted income per common share	$	16,964	$	41,388	$	147,138	$	165,589
Denominator:
Weighted average common shares used in the calculation of basic income per share	89,378		89,846		89,307		89,947
Common stock equivalents associated with stock-based compensation plans (1)	577		1,041		695		1,142
Shares used in the calculation of diluted income per share	89,955		90,887		90,002		91,089
Basic income per share	$	0.19	$	0.46	$	1.65	$	1.84
Diluted income per share	$	0.19	$	0.46	$	1.63	$	1.82

(1)Certain common stock equivalents were not included in the computation of diluted income per share because the effect would have been anti-dilutive. For the three and nine months ended September 30, 2020, approximately 0.5 million and 0.8 million, respectively, common stock equivalents were excluded from the calculation of diluted income per share because they were anti-dilutive. These common share equivalents totaled approximately 0.3 million and 0.2 million for the three and nine months ended September 30, 2019, respectively.