Earnings Per Common Share

12 Months Ended

Dec. 31, 2022

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:


	For the Years Ended December 31,
(in thousands, except shares and per share amounts)	2022		2021		2020
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	181,988	$	232,135	$	119,400
Denominator:
Total average basic common shares outstanding		60,047,177		65,520,527		67,260,796
Effect of dilutive stock options and other stock compensation		168,197		149,443		49,788
Total diluted average common shares outstanding		60,215,374		65,669,970		67,310,584
Earnings per common share—basic	$	3.03	$	3.54	$	1.78
Earnings per common share—diluted		3.02		3.53		1.77

As of December 31, 2022, 2021 and 2020, respectively, 510,211, 412,131 and 497,540 options to purchase shares were excluded in the diluted shares computation because the exercise price was greater than the average market price of the common shares and, therefore, the effect would be antidilutive.

As of December 31, 2022, contingently issuable shares totaling 53,280 were estimated to be awarded under the 2022, 2021 and 2020 total shareholder return plans as stock performance targets were met to date and were included in the diluted calculation. No shares were contingently issuable as of December 31, 2021 and 2020 because the performance criteria was not met at that time and the effect would be antidilutive. In addition, performance-based restricted stock compensation totaling 53,230 and 61,267 were estimated to be awarded as of December 31, 2022 and December 31, 2021 and are included in the calculation. No performance-based restricted stock compensation was estimated to be awarded at December 31, 2020.