Earnings Per Share

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020		2019
Numerator:
Net income	$	18,477	$	20,750
Denominator:
Weighted average shares of common stock outstanding		11,772		11,880
Effect of dilutive common stock equivalents		52		360
Weighted average shares of common stock outstanding		11,824		12,240
Earnings per share - basic	$	1.57	$	1.75
Earnings per share - diluted	$	1.56	$	1.70

The calculation of diluted EPS excluded 1,413 and 826 antidilutive options outstanding for the three months ended March 31, 2020 and 2019, respectively. The calculation of diluted EPS also excluded 14,940 and 1,198 antidilutive restricted stock awards for the three months ended March 31, 2020 and 2019, respectively.