Earnings Per Share Reconciliation

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 1,044,000, 236,000 and 114,000, 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,
	2023		2022		2021
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	221,435	$	235,425	$	212,521
Less: Net earnings allocated to restricted stock		1,546		1,508		970
Net earnings allocated to common shareholders	$	219,889	$	233,917	$	211,551
Weighted average shares outstanding		138,333		139,652		135,165
Basic earnings per common share	$	1.59	$	1.67	$	1.57

Diluted earnings per common share:
Net income allocated to common shareholders	$	219,889	$	233,917	$	211,551
Weighted average shares outstanding		138,333		139,652		135,165
Incremental shares from assumed exercise of outstanding options		129		360		217
Diluted weighted average shares outstanding		138,462		140,012		135,382
Diluted earnings per common share	$	1.59	$	1.67	$	1.56