Earnings Per Share

3 Months Ended

Mar. 31, 2020

Basic earnings per share (“EPS”) is computed based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from exercises of stock options, vesting of performance share units, vesting of restricted stock, vesting of restricted stock units, and conversion of preferred stock.

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted EPS computations for the periods presented (in thousands, except per share data):


	Three Months Ended March 31,
	2020		2019
Numerator for EPS:
Net income	$	20,067	$	40,148
Less: Preferred stock dividends	(3)		(3)
Income available to common stockholders	$	20,064	$	40,145
Denominator for EPS:
Weighted average common shares outstanding	32,591		34,741
Plus: Assumed conversion of share-based compensation (1)	115		440
Assumed conversion of preferred stock	25		25
Weighted average diluted common shares outstanding	32,731		35,206
Basic earnings per common share	$	0.62	$	1.16
Diluted earnings per common share	$	0.61	$	1.14


(1)						Represents the dilutive effect of unexercised stock options, unvested performance share units, unvested restricted stock units and unvested restricted stock.