Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share

Earnings Per Share

Note 11 — Earnings Per Share

Basic earnings per share are calculated by dividing net income by the weighted-average shares of common stock outstanding during each period, excluding non-vested shares. Our diluted earnings per share are based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted shares. The weighted-average number of shares and equivalents are determined after giving retroactive effect to stock dividends and stock splits.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended
	March 31,
(Dollars and shares in thousands, except for per share amounts)	2020		2019
Basic earnings per common share:
Net income	$	24,110	$	44,367
Weighted-average basic common shares		33,566		35,445
Basic earnings per common share	$	0.72	$	1.25
Diluted earnings per share:
Net income	$	24,110	$	44,367
Weighted-average basic common shares		33,566		35,445
Effect of dilutive securities		239		174
Weighted-average dilutive shares		33,805		35,619
Diluted earnings per common share	$	0.71	$	1.25

The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method as follows:

	Three Months Ended March 31,
(Dollars in thousands)	2020					2019
Number of shares					62,235					87,917
Range of exercise prices	$	87.30	to	$	91.35	$	63.54	to	$	91.35