Net Income Per Common Share

9 Months Ended

Sep. 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
	September 30,
	2024		2023
Basic
Net income applicable to common stock	$	72,455	$	41,833
Average common shares outstanding	61,217,094		56,138,618
Net income per common share - basic	$	1.18	$	0.75
Diluted
Net income applicable to common stock	$	72,455	$	41,833
Average common shares outstanding	61,217,094		56,138,618
Effect of dilutive stock-based compensation	415,354		385,269
Average common shares outstanding - diluted	61,632,448		56,523,887
Net income per common share - diluted	$	1.18	$	0.74


	Nine Months Ended
	September 30,
	2024		2023
Basic
Net income applicable to common stock	$	150,711	$	116,554
Average common shares outstanding	57,934,806		56,085,556
Net income per common share - basic	$	2.60	$	2.08
Diluted
Net income applicable to common stock	$	150,711	$	116,554
Average common shares outstanding	57,934,806		56,085,556
Effect of dilutive stock-based compensation	362,748		308,401
Average common shares outstanding - diluted	58,297,554		56,393,957
Net income per common share - diluted	$	2.59	$	2.07

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
	September 30,
	2024	2023
Number of shares	1,000	1,000


	Nine Months Ended
	September 30,
	2024	2023
Number of shares	1,000	24,146