Earnings Per Share

9 Months Ended

Sep. 30, 2019

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards.

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


	Three months ended						Nine months ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
	(in thousands, except share and per share data)
Numerator:
Net income	$	13,827	$	14,085	$	37,690	$	30,036
Denominator:
Basic weighted average shares	52,111,444		52,238,796		52,086,209		52,315,719
Effect of dilutive stock options and restricted stock	610,683		388,745		538,374		399,671
Diluted weighted average shares	52,722,127		52,627,541		52,624,583		52,715,390
Earnings per share:
Basic	$	0.27	$	0.27	$	0.72	$	0.57
Diluted	$	0.26	$	0.27	$	0.72	$	0.57
Anti-dilutive shares:
Shares	1,834,379		1,950,343		1,886,728		1,929,453