Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
	2020		2019		2020		2019
Numerator:
Net income	$	21,935	$	21,383	$	40,412	$	42,133
Denominator:
Weighted average shares of common stock outstanding		11,777		11,861		11,774		11,870
Effect of dilutive common stock equivalents		44		357		48		359
Weighted average shares of common stock outstanding		11,821		12,218		11,822		12,229
Earnings per share - basic	$	1.86	$	1.80	$	3.43	$	3.55
Earnings per share - diluted	$	1.86	$	1.75	$	3.42	$	3.45

The calculation of diluted EPS excluded 934 and 611 antidilutive options outstanding for the three months ended June 30, 2020 and 2019, respectively, and 965 and 752 antidilutive options outstanding for the six months ended June 30, 2020 and 2019, respectively. The calculation of diluted EPS also excluded 5,774 and 350 antidilutive restricted stock awards for the three months ended June 30, 2020 and 2019, respectively, and 10,626 and 705 antidilutive restricted stock awards for the six months ended June 30, 2020 and 2019, 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.