Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

(5) Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period.  Restricted stock awards are subject to the risk of forfeiture and are not included in the calculation of basic weighted average number of common shares outstanding until vested. Diluted EPS is calculated under the treasury stock method.  Potential common shares include restricted common stock and incremental shares of common stock issuable upon the exercise of stock options.

The following table is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS:

	Three Months Ended March 31,
	2020		2019
	(In thousands, except per share data)
Numerator:
Net income	$	8,301	$	18,085
Denominator:
Weighted average shares outstanding - basic		43,873		44,448
Dilutive effect of share-based awards		513		429
Weighted average shares outstanding - diluted		44,386		44,877
Earnings per share:
Basic	$	0.19	$	0.41
Diluted		0.19		0.40

 The following table represents the effect of stock options and restricted share awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive for the period indicated, or the underlying performance criteria had not yet been met:

	Three Months Ended March 31,
	2020		2019
	(In thousands)
Stock options		811		1,504
Restricted share awards		106		75
Total		917		1,579