Earnings Per Share
 6 Months Ended
Jun. 30, 2019
Earnings per Share  
Earnings Per Share

NOTE 12. Earnings Per Share

The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three and six months ended June 30, 2019 and 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

(in thousands except per share amounts)

    

2019

    

2018

    

2019

    

2018

    

Net income

 

$

14,383

 

$

18,675

 

$

28,910

 

$

29,199

 

Shares:

 

 

  

 

 

  

 

 

  

 

 

  

 

Basic: Weighted average number of shares outstanding

 

 

67,583

 

 

67,949

 

 

67,552

 

 

64,791

 

Plus: Incremental shares from assumed conversion of dilutive instruments

 

 

5,938

 

 

4,186

 

 

5,410

 

 

4,562

 

Diluted: Weighted average number of shares outstanding

 

 

73,521

 

 

72,135

 

 

72,962

 

 

69,353

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

0.21

 

$

0.27

 

$

0.43

 

$

0.45

 

Diluted:

 

$

0.20

 

$

0.26

 

$

0.40

 

$

0.42

 

Outstanding instruments excluded from the computation of weighted average shares for diluted earnings per share because the effect would be anti-dilutive totaled 0.8 million and 2.7 million for the three months ended June 30, 2019 and 2018, respectively, and 1.6 million and 1.7 million for the six months ended June 30, 2019 and 2018, respectively. Holders of non-vested share-based compensation awards do not have rights to receive nonforfeitable dividends on the shares covered by the awards.