Earnings Per Share Reconciliation

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 236,000, 114,000 and 291,000, 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,
	2022		2021		2020
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	235,425	$	212,521	$	177,159
Less: Net earnings allocated to restricted stock		1,508		970		572
Net earnings allocated to common shareholders	$	233,917	$	211,551	$	176,587
Weighted average shares outstanding		139,652		135,165		136,031
Basic earnings per common share	$	1.67	$	1.57	$	1.30
Diluted earnings per common share:
Net income allocated to common shareholders	$	233,917	$	211,551	$	176,587
Weighted average shares outstanding		139,652		135,165		136,031
Incremental shares from assumed exercise of outstanding options		360		217		175
Diluted weighted average shares outstanding		140,012		135,382		136,206
Diluted earnings per common share	$	1.67	$	1.56	$	1.30