Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Numerator:	(in thousands, except share and per share data)
Net income	$	20,460	$	14,290	$	60,117	$	36,438
Denominator:
Basic weighted average shares	52,260,551		52,111,444		52,174,705		52,086,209
Effect of dilutive stock options and restricted stock	890,744		610,683		780,344		538,374
Diluted weighted average shares	53,151,295		52,722,127		52,955,049		52,624,583
Earnings per share:
Basic	$	0.39	$	0.27	$	1.15	$	0.70
Diluted	$	0.38	$	0.26	$	1.14	$	0.69
Anti-dilutive shares:
Shares	118,832		1,834,379		473,295		1,886,728