Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 2018

EARNINGS PER SHARE (“EPS”)

Basic EPS is computed based on the weighted average number of shares outstanding during each period. Diluted EPS is computed using the weighted average common shares and all potential dilutive common shares outstanding during the period. The share and per share amounts for 2017 have been restated to reflect the effect of the two-for-one stock split during February 2018.

Following is the computation of earnings per share for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2018		2017		2018		2017

Net income	$	55,193	$	28,852	$	160,067	$	74,037

Average common shares outstanding	92,290		64,427		92,246		63,594
Average potential dilutive common shares	551		420		551		420
Average diluted common shares	92,841		64,847		92,797		64,014

Basic earnings per share	$	0.60	$	0.45	$	1.74	$	1.16
Diluted earnings per share	$	0.59	$	0.44	$	1.72	$	1.16

There were no stock options excluded from the earnings per share calculation due to the related exercise price exceeding the average market price for the three and nine months ended September 30, 2018 and 2017.