Earnings Per Common Share

6 Months Ended

Jun. 30, 2019

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				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2019		2018		2019		2018
Numerator:
Net income to common shareholders	$	88,277	$	71,177	$	167,441	$	143,652
Net income allocated to participating securities - basic and diluted		1,502		1,328		2,839		2,694
Net income allocated to common shareholders - basic and diluted	$	86,775	$	69,849	$	164,602	$	140,958
Denominator:
Weighted-average common shares - basic		85,728		85,305	$	85,708	$	85,273
Dilutive potential common shares		107		178		102		178
Weighted-average common shares - diluted		85,835		85,483	$	85,810	$	85,451
Earnings per common share:
Basic	$	1.01	$	0.82	$	1.92	$	1.65
Diluted	$	1.01	$	0.82	$	1.92	$	1.65

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 14,150 and 14,183 for the three and six months ended June 30, 2019, respectively. There were 1,816 and 913 antidilutive potential common shares excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2018, respectively.