Earnings Per Share

9 Months Ended

Sep. 30, 2019

7. Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted EPS for the periods presented in the unaudited interim consolidated statements of income:

	Three Months Ended September 30,
(In thousands, except per share data)	2019		2018
Basic EPS:
Weighted average common shares outstanding		43,825		43,714
Net income available to common stockholders	$	32,379	$	29,807
Basic EPS	$	0.74	$	0.68

Diluted EPS:
Weighted average common shares outstanding		43,825		43,714
Dilutive effect of common stock options and restricted stock		313		337
Weighted average common shares and common share equivalents		44,138		44,051
Net income available to common stockholders	$	32,379	$	29,807
Diluted EPS	$	0.73	$	0.68

	Nine Months Ended September 30,
(In thousands, except per share data)	2019		2018
Basic EPS:
Weighted average common shares outstanding		43,806		43,692
Net income available to common stockholders	$	92,061	$	83,914
Basic EPS	$	2.10	$	1.92

Diluted EPS:
Weighted average common shares outstanding		43,806		43,692
Dilutive effect of common stock options and restricted stock		302		317
Weighted average common shares and common share equivalents		44,108		44,009
Net income available to common stockholders	$	92,061	$	83,914
Diluted EPS	$	2.09	$	1.91

There were 1,500 stock options for the quarters ended September 30, 2019 and September 30, 2018, that were not considered in the calculation of diluted EPS since the stock options’ exercise price was greater than the average market price during these periods.

There were 1,500 stock options for the nine months ended September 30, 2019 and September 30, 2018, that were not considered in the calculation of diluted EPS since the stock options’ exercise price was greater than the average market price during these periods.