Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

3. EARNINGS PER SHARE

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents.

The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data):

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Numerator:
Net income	$	21,383	$	14,133	$	42,133	$	26,355
Denominator:
Weighted average shares of common stock outstanding		11,861		12,037		11,870		12,032
Effect of dilutive common stock equivalents		357		137		359		97
Weighted average shares of common stock outstanding		12,218		12,174		12,229		12,129
Earnings per share - basic	$	1.80	$	1.17	$	3.55	$	2.19
Earnings per share - diluted	$	1.75	$	1.16	$	3.45	$	2.17

The calculation of diluted EPS excluded 611 and 56 antidilutive options outstanding for the three months ended June 30, 2019 and 2018, respectively, and 752 and 6,220 antidilutive options outstanding for the six months ended June 30, 2019 and 2018, respectively. The calculation of diluted EPS also excluded 350 and 0 antidilutive restricted stock awards for the three months ended June 30, 2019 and 2018, respectively, and 705 and 0 antidilutive restricted stock awards for the six months ended June 30, 2019 and 2018, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed.