Net Income Per Common Share

12 Months Ended

Dec. 31, 2024

NOTE 14 - NET INCOME PER COMMON SHARE

Basic net income per common share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.

Diluted net income per common share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation's common stock equivalents consist of outstanding restricted stock, RSUs and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period.

A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows:


	2024	2023	2022
	(in thousands)
Weighted average common shares outstanding (basic)	175,523	165,241	164,119
Impact of common stock equivalents	1,700	1,528	1,353
Weighted average common shares outstanding (diluted)	177,223	166,769	165,472