Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 15 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common stock issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period.

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

		Three Months Ended
		March 31,
(in thousands, except per share data)			2020		2019
Net income		$	3,852	$	13,773
Denominator for basic earnings per share - weighted-average number of
	common shares outstanding during the period		36,790		40,630
Incremental common shares attributable to exercise of dilutive options			77		76
Incremental common shares attributable to outstanding restricted
	stock units		204		147
Denominator for diluted earnings per share			37,071		40,853
Basic earnings per share			$0.10		$0.34
Diluted earnings per share			$0.10		$0.34

Restricted stock units totaling 9 thousand shares and 0.1 million shares for the three months ended March 31, 2020 and 2019, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.