Earnings Per Share Reconciliation

6 Months Ended

Jun. 30, 2023

8. 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 six months ended June 30, 2023, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 1,412,000 and 1,058,000, respectively. For the three and six months ended June 30, 2022, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 99,000 and 540,000, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	55,770	$	59,058	$	115,040	$	104,618
Less: Net earnings allocated to restricted stock		390		398		798		650
Net earnings allocated to common shareholders	$	55,380	$	58,660	$	114,242	$	103,968
Weighted average shares outstanding		138,330		139,748		138,420		140,467
Basic earnings per common share	$	0.40	$	0.42	$	0.83	$	0.74

Diluted earnings per common share:
Net income allocated to common shareholders	$	55,380	$	58,660	$	114,242	$	103,968
Weighted average shares outstanding		138,330		139,748		138,420		140,467
Incremental shares from assumed exercise of outstanding options		53		305		137		263
Diluted weighted average shares outstanding		138,383		140,053		138,557		140,730
Diluted earnings per common share	$	0.40	$	0.42	$	0.82	$	0.74