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Earnings Per Common Share
3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Common Share

11.  Earnings Per Common Share

The Company calculates earnings per share using the two-class method.  The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings.  Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. 

A summary of the information used in the computation of earnings per common share follows.

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share data)

 

2019

 

 

2018

 

Numerator:

 

 

 

 

 

 

 

 

Net income to common shareholders

 

$

79,164

 

 

$

72,475

 

Net income allocated to participating securities - basic and diluted

 

 

1,337

 

 

 

1,366

 

Net income allocated to common shareholders - basic and diluted

 

$

77,827

 

 

$

71,109

 

Denominator:

 

 

 

 

 

 

 

 

Weighted-average common shares - basic

 

 

85,688

 

 

 

85,241

 

Dilutive potential common shares

 

 

112

 

 

 

182

 

Weighted-average common shares - diluted

 

 

85,800

 

 

 

85,423

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.91

 

 

$

0.83

 

Diluted

 

$

0.91

 

 

$

0.83

 

 

Potential common shares consist of stock options, nonvested performance-based awards, and nonvested restricted share awards deferred under the Company’s nonqualified deferred compensation plan.  These potential common shares do not enter into the calculation of diluted earnings per share if the impact would be antidilutive, i.e., increase earnings per share or reduce a loss per share.  Weighted average antidilutive potential common shares totaled 1,281 for the three months ended March 31, 2019. There were no antidilutive potential common shares excluded from the calculation of diluted earnings per share for the three months ended March 31, 2018.