Earnings Per Share ("EPS")

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2020		2019		2020		2019
Net income available to common stockholders	$	65,885	$	81,826	$	201,897	$	185,119

Average common shares outstanding	109,019		96,608		110,292		95,090
Average potential dilutive common shares	189		360		189		360
Average diluted common shares	109,208		96,968		110,481		95,450

Basic earnings per share	$	0.60	$	0.85	$	1.83	$	1.95
Diluted earnings per share	$	0.60	$	0.84	$	1.83	$	1.94

There were approximately 653,718 stock options excluded from the three and nine months ended September 30, 2020 earnings per share calculations due to the related stock option exercise price exceeding the average market price. There were no stock options excluded from earnings per share calculations due to the related stock option exercise price exceeding the average market price for the three and nine months ended September 30, 2019.