Earnings Per Share Reconciliation

12 Months Ended

Dec. 31, 2021

15. 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, 2021, 2020 and 2019, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 114,000, 291,000 and 183,000, 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,
	2021		2020		2019
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	212,521	$	177,159	$	207,827
Less: Net earnings allocated to restricted stock		970		572		488
Net earnings allocated to common shareholders	$	211,551	$	176,587	$	207,339
Weighted average shares outstanding		135,165		136,031		139,757
Basic earnings per common share	$	1.57	$	1.30	$	1.48
Diluted earnings per common share:
Net income allocated to common shareholders	$	211,551	$	176,587	$	207,339
Weighted average shares outstanding		135,165		136,031		139,757
Incremental shares from assumed exercise of outstanding options		217		175		177
Diluted weighted average shares outstanding		135,382		136,206		139,934
Diluted earnings per common share	$	1.56	$	1.30	$	1.48