EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2022

The following table presents computations of basic and diluted earnings (loss) per common share ("EPS") for the three months ended March 31, 2022:



	Three Months Ended March 31, 2022
($ in thousands except per share data)	Common Stock		Class B Common Stock
Net income	$	48,142	$	370


Less: preferred stock dividends	(1,409)		(11)
Less: preferred stock redemption	(3,718)		(29)


Net income allocated to common stockholders	$	43,015	$	330

Weighted average common shares outstanding	62,129,129		477,321
Dilutive effects of restricted shares/units	294,432		—

Dilutive effects of stock options	5,121		—

Average shares and dilutive common shares	62,428,682		477,321




Basic earnings per common share	$	0.69	$	0.69



Diluted earnings per common share	$	0.69	$	0.69

For the three months ended March 31, 2022, there were 92,987 anti-dilutive restricted shares/units and no anti-dilutive stock options that were excluded from computing diluted earnings per common share.

The following table presents computations of basic and diluted EPS for the three months ended March 31, 2021:



	Three Months Ended March 31, 2021
($ in thousands except per share data)	Common Stock		Class B Common Stock
Net income	$	14,239	$	136
Less: income allocated to participating securities	(61)		(1)

Less: preferred stock dividends	(3,111)		(30)
Less: preferred stock redemption	(3,316)		(31)


Net income allocated to common stockholders	$	7,751	$	74

Weighted average common shares outstanding	49,873,576		477,321
Dilutive effects of stock units	391,206		—

Dilutive effects of stock options	8,419		—

Average shares and dilutive common shares	50,273,201		477,321




Basic earnings per common share	$	0.16	$	0.16



Diluted earnings per common share	$	0.15	$	0.15

For the three months ended March 31, 2021, there were 56,839 anti-dilutive restricted shares/units and no anti-dilutive stock options that were excluded from computing diluted earnings per common share.

During the first quarter of 2021 all of the Company's outstanding stock appreciation rights (SARs) were exercised resulting in the net issuance of 305,772 shares of voting common stock. Prior to this exercise, the SARs were considered participating securities and income was allocated to the respective holder and not part of income (loss) available to common stockholders. After the exercise of all of the Company's outstanding SARs, there are no longer any participating securities outstanding and the net shares issued in settlement of such SARs are included in the computation of average common shares for both basic and diluted earnings per share.