Earnings Per Share
 6 Months Ended
Jun. 30, 2018
Earnings per Share  
Earnings Per Share

10. Earnings Per Share

The computation of basic and diluted earnings per share is based on the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

(in thousands except per share amounts)

    

2018

    

2017

    

2018

    

2017

    

Net income

 

$

18,675

 

$

2,354

 

$

29,199

 

$

6,767

 

Shares:

 

 

  

 

 

  

 

 

  

 

 

  

 

Basic: Weighted average number of shares outstanding

 

 

67,948,732

 

 

54,825,386

 

 

64,791,435

 

 

54,819,604

 

Plus: Incremental shares from assumed conversion of dilutive instruments

 

 

4,186,558

 

 

4,159,981

 

 

4,561,460

 

 

4,052,588

 

Diluted: Weighted average number of shares outstanding

 

 

72,135,290

 

 

58,985,367

 

 

69,352,895

 

 

58,872,192

 

 

Outstanding instruments excluded from the computation of weighted average shares for diluted EPS because the effect would be anti-dilutive totaled 2,657,445 and 268,513 for the three months ended June 30, 2018 and 2017, respectively, and 1,720,441 and 268,536 for the six months ended June 30, 2018 and 2017, respectively. Holders of non-vested share-based compensation awards do not have rights to receive nonforfeitable dividends on the shares covered by the awards.