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Earnings Per Share Reconciliation
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Reconciliation

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, 2024 and March 31, 2023, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 1,021,000 and 348,000, 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,

 

 

 

2024

 

 

2023

 

 

 

(In thousands, except per share amounts)

 

Earnings per common share:

 

 

 

 

 

 

Net earnings

 

$

48,599

 

 

$

59,270

 

Less: Net earnings allocated to restricted stock

 

 

324

 

 

 

407

 

Net earnings allocated to common shareholders

 

$

48,275

 

 

$

58,863

 

Weighted average shares outstanding

 

 

138,429

 

 

 

138,592

 

Basic earnings per common share

 

$

0.35

 

 

$

0.42

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

Net income allocated to common shareholders

 

$

48,275

 

 

$

58,863

 

Weighted average shares outstanding

 

 

138,429

 

 

 

138,592

 

Incremental shares from assumed exercise of
   outstanding options

 

 

174

 

 

 

361

 

Diluted weighted average shares outstanding

 

 

138,603

 

 

 

138,953

 

Diluted earnings per common share

 

$

0.35

 

 

$

0.42