Earnings Per Share Reconciliation

12 Months Ended

Dec. 31, 2020

16.	EARNINGS PER SHARE RECONCILIATION

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the years ended December 31, 2020, 2019 and 2018, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 291,000, 183,000 and 160,000, respectively.

The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations.


	Year Ended December 31,
	2020		2019		2018
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	177,159	$	207,827	$	152,003
Less: Net earnings allocated to restricted stock		572		488		429

Net earnings allocated to common shareholders	$	176,587	$	207,339	$	151,574


Weighted average shares outstanding		136,031		139,757		121,670

Basic earnings per common share	$	1.30	$	1.48	$	1.25


Diluted earnings per common share:
Net income allocated to common shareholders	$	176,587	$	207,339	$	151,574


Weighted average shares outstanding		136,031		139,757		121,670
Incremental shares from assumed exercise of outstanding options		175		177		287

Diluted weighted average shares outstanding		136,206		139,934		121,957

Diluted earnings per common share	$	1.30	$	1.48	$	1.24