Net Income Per Common Share

6 Months Ended

Jun. 30, 2024

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:


	Three Months Ended
	June 30,
	2024		2023
Basic
Net income applicable to common stock	$	38,846	$	28,643
Average common shares outstanding	56,342,909		56,107,881
Net income per common share - basic	$	0.69	$	0.51
Diluted
Net income applicable to common stock	$	38,846	$	28,643
Average common shares outstanding	56,342,909		56,107,881
Effect of dilutive stock-based compensation	341,717		287,772
Average common shares outstanding - diluted	56,684,626		56,395,653
Net income per common share - diluted	$	0.69	$	0.51


	Six Months Ended
	June 30,
	2024		2023
Basic
Net income applicable to common stock	$	78,255	$	74,721
Average common shares outstanding	56,275,628		56,058,585
Net income per common share - basic	$	1.39	$	1.33
Diluted
Net income applicable to common stock	$	78,255	$	74,721
Average common shares outstanding	56,275,628		56,058,585
Effect of dilutive stock-based compensation	332,319		271,710
Average common shares outstanding - diluted	56,607,947		56,330,295
Net income per common share - diluted	$	1.38	$	1.33

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:


	Three Months Ended
	June 30,
	2024	2023
Number of shares	1,000	179,226


	Six Months Ended
	June 30,
	2024	2023
Number of shares	5,449	182,226