Earnings Per Share Reconciliation

9 Months Ended

Sep. 30, 2021

6. 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 three and nine months ended September 30, 2021, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 321,000 and 114,000, respectively. For the three and nine months ended September 30, 2020, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 517,000 and 361,000, 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	49,753	$	47,492	$	164,825	$	127,103
Less: Net earnings allocated to restricted stock		227		175		773		407
Net earnings allocated to common shareholders	$	49,526	$	47,317	$	164,052	$	126,696
Weighted average shares outstanding		135,200		135,017		135,226		136,369
Basic earnings per common share	$	0.37	$	0.35	$	1.21	$	0.93

Diluted earnings per common share:
Net income allocated to common shareholders	$	49,526	$	47,317	$	164,052	$	126,696
Weighted average shares outstanding		135,200		135,017		135,226		136,369
Incremental shares from assumed exercise of outstanding options		184		167		215		167
Diluted weighted average shares outstanding		135,384		135,184		135,441		136,536
Diluted earnings per common share	$	0.37	$	0.35	$	1.21	$	0.93