Earnings Per Share Reconciliation

3 Months Ended

Mar. 31, 2022

7. 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 months ended March 31, 2022 and March 31, 2021, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 374,000 and 117,000, 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 March 31,
	2022		2021
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	45,560	$	63,893
Less: Net earnings allocated to restricted stock		253		309
Net earnings allocated to common shareholders	$	45,307	$	63,584
Weighted average shares outstanding		144,725		135,175
Basic earnings per common share	$	0.31	$	0.47

Diluted earnings per common share:
Net income allocated to common shareholders	$	45,307	$	63,584
Weighted average shares outstanding		144,725		135,175
Incremental shares from assumed exercise of outstanding options		294		253
Diluted weighted average shares outstanding		145,019		135,428
Diluted earnings per common share	$	0.31	$	0.47