Earnings Per Share Reconciliation

9 Months Ended

Sep. 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 nine months ended September 30, 2023 shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 1,096,000 and 1,100,000, respectively. For the three and nine months ended September 30, 2022 shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 66,000 and 247,000, 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,
	2023		2022		2023		2022
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	57,887	$	64,639	$	172,927	$	169,257
Less: Net earnings allocated to restricted stock		410		434		1,208		1,080
Net earnings allocated to common shareholders	$	57,477	$	64,205	$	171,719	$	168,177
Weighted average shares outstanding		138,345		138,888		138,361		139,923
Basic earnings per common share	$	0.42	$	0.46	$	1.24	$	1.20

Diluted earnings per common share:
Net income allocated to common shareholders	$	57,477	$	64,205	$	171,719	$	168,177
Weighted average shares outstanding		138,345		138,888		138,361		139,923
Incremental shares from assumed exercise of outstanding options		136		459		120		300
Diluted weighted average shares outstanding		138,481		139,347		138,481		140,223
Diluted earnings per common share	$	0.42	$	0.46	$	1.24	$	1.20