Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2020

EARNINGS PER SHARE (“EPS”)

Basic EPS is computed by dividing reported net income available to common stockholders by weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing reported net income available to common stockholders by the weighted average common shares and all potential dilutive common shares outstanding during the period.

The computation of earnings per share is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except per share data)	2020		2019		2020		2019
Net income available to common stockholders	$	58,789	$	55,598	$	136,012	$	103,293

Average common shares outstanding	108,982		96,098		110,936		94,318
Average potential dilutive common shares	148		270		148		270
Average diluted common shares	109,130		96,368		111,084		94,588

Basic earnings per share	$	0.54	$	0.58	$	1.23	$	1.10
Diluted earnings per share	$	0.54	$	0.58	$	1.22	$	1.09

There were approximately 653,718 stock options excluded from the three and six months ended June 30, 2020 earnings per share calculations due to the average market prices of the Company’s common stock exceeding the related stock option exercise prices. There were 6,610 stock options excluded from the three months ended June 30, 2019 earnings per share calculation due to the average market price of the Company’s stock exceeding the related stock option exercise price. There were no stock options excluded from the earnings per share calculation for the six months ended June 30, 2019 due to the related exercise price exceeding the average market price.