Earnings per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share

The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except per share amounts)	2019		2018		2019		2018
NUMERATOR
Net income	$	30,246	$	27,911	$	47,969	$	45,974
Interest on 3.00% convertible senior subordinated notes due 2018^(a)	—		—		—		409
Diluted income available to common shareholders	$	30,246	$	27,911	$	47,969	$	46,383
DENOMINATOR
Basic weighted average shares outstanding	27,599		28,571		27,549		28,349
Effect of dilutive securities:
Stock option awards	308		353		276		409
Deferred compensation awards	183		177		202		194
3.00% convertible senior subordinated notes due 2018 ^(a)	—		—		—		866
Diluted weighted average shares outstanding - adjusted for assumed conversions	28,090		29,101		28,027		29,818
Earnings per common share:
Basic	$	1.10	$	0.98	$	1.74	$	1.62
Diluted	$	1.08	$	0.96	$	1.71	$	1.56
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	412		434		714		326

(a)

On March 1, 2013, the Company issued $86.3 million in aggregate principal amount of 3.0% Convertible Senior Subordinated Notes due 2018 (the “2018 Convertible Senior Subordinated Notes”). The 2018 Convertible Senior Subordinated Notes were scheduled to mature on March 1, 2018 and the deadline for holders to convert the 2018 Convertible Senior Subordinated Notes was February 27, 2018. As a result of conversion elections made by holders of the 2018 Convertible Senior Subordinated Notes, (1) approximately $20.3 million in aggregate principal amount of the 2018 Convertible Senior Subordinated Notes were converted and settled through the issuance of approximately 0.629 million of our common shares (at a conversion price per common share of $32.31) and (2) the Company repaid in cash approximately $65.9 million in aggregate principal amount of the 2018 Convertible Senior Subordinated Notes at maturity.

For the three and six months ended June 30, 2018, the effect of our convertible debt then outstanding was included in the diluted earnings per share calculations.