Earnings Per Share

6 Months Ended

Jun. 30, 2020

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						Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Numerator:	(in thousands, except share and per share data)
Net income	$	17,804	$	13,391	$	39,657	$	22,148
Denominator:
Basic weighted average shares	52,099,694		52,120,272		52,160,348		52,087,626
Effect of dilutive stock options and restricted stock	650,707		626,927		725,143		502,219
Diluted weighted average shares	52,750,401		52,747,199		52,885,491		52,589,845
Earnings per share:
Basic	$	0.34	$	0.26	$	0.76	$	0.43
Diluted	$	0.34	$	0.25	$	0.75	$	0.42
Anti-dilutive shares:
Shares	1,047,616		1,898,078		650,526		1,912,902