Earnings Per Share

12 Months Ended

Dec. 31, 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:


	2020		2019		2018
Numerator:	(in thousands, except share and per share data)
Net income	$	79,009	$	53,711	$	42,329
Denominator:
Basic weighted average shares	52,168,679		52,079,865		52,284,616
Effect of dilutive stock options and restricted stock	892,490		555,550		383,323
Diluted weighted average shares	53,061,169		52,635,415		52,667,939
Earnings per share:
Basic	$	1.51	$	1.03	$	0.81
Dilutive	$	1.49	$	1.02	$	0.80
Anti-dilutive shares:
Shares	364,787		1,868,087		1,920,313