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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table presents computations of basic and diluted earnings per common share ("EPS") for the three and nine months ended September 30, 2022:
|  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
($ in thousands except per share data) |  | Common Stock |  | Class B Common Stock |  |  |  | Common Stock |  | Class B Common Stock |  |
Net income |  | $ | 24,004 |  |  | $ | 192 |  |  |  |  | $ | 98,646 |  |  | $ | 774 |  |  |
Less: preferred stock dividends |  | — |  |  | — |  |  |  |  | (1,409) |  |  | (11) |  |  |
Less: preferred stock redemption |  | — |  |  | — |  |  |  |  | (3,718) |  |  | (29) |  |  |
Net income allocated to common stockholders |  | $ | 24,004 |  |  | $ | 192 |  |  |  |  | $ | 93,519 |  |  | $ | 734 |  |  |
Weighted average common shares outstanding |  | 59,567,082 |  |  | 477,321 |  |  |  |  | 60,846,798 |  |  | 477,321 |  |  |
Dilutive effects of restricted shares/units |  | 444,321 |  |  | — |  |  |  |  | 331,389 |  |  | — |  |  |
Dilutive effects of stock options |  | 3,736 |  |  | — |  |  |  |  | 4,392 |  |  | — |  |  |
Average shares and dilutive common shares |  | 60,015,139 |  |  | 477,321 |  |  |  |  | 61,182,579 |  |  | 477,321 |  |  |
Basic earnings per common share |  | $ | 0.40 |  |  | $ | 0.40 |  |  |  |  | $ | 1.54 |  |  | $ | 1.54 |  |  |
Diluted earnings per common share |  | $ | 0.40 |  |  | $ | 0.40 |  |  |  |  | $ | 1.53 |  |  | $ | 1.54 |  |  |
For the three and nine months ended September 30, 2022, there were 157,049 and 3,391 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 and nine months ended September 30, 2021:
|  | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021
($ in thousands except per share data) |  | Common Stock |  | Class B Common Stock |  |  |  | Common Stock |  | Class B Common Stock |  |
Net income |  | $ | 22,953 |  |  | $ | 217 |  |  |  |  | $ | 56,061 |  |  | $ | 534 |  |  |
Less: income allocated to participating securities |  | — |  |  | — |  |  |  |  | (158) |  |  | (2) |  |  |
Less: preferred stock dividends |  | (1,711) |  |  | (16) |  |  |  |  | (6,533) |  |  | (62) |  |  |
Less: preferred stock redemption |  | — |  |  | — |  |  |  |  | (3,315) |  |  | (32) |  |  |
Net income allocated to common stockholders |  | $ | 21,242 |  |  | $ | 201 |  |  |  |  | $ | 46,055 |  |  | $ | 438 |  |  |
Weighted average common shares outstanding |  | 50,239,359 |  |  | 477,321 |  |  |  |  | 50,096,607 |  |  | 477,321 |  |  |
Dilutive effects of stock units |  | 188,850 |  |  | — |  |  |  |  | 242,803 |  |  | — |  |  |
Dilutive effects of stock options |  | 3,787 |  |  | — |  |  |  |  | 5,241 |  |  | — |  |  |
Average shares and dilutive common shares |  | 50,431,996 |  |  | 477,321 |  |  |  |  | 50,344,651 |  |  | 477,321 |  |  |
Basic earnings per common share |  | $ | 0.42 |  |  | $ | 0.42 |  |  |  |  | $ | 0.92 |  |  | $ | 0.92 |  |  |
Diluted earnings per common share |  | $ | 0.42 |  |  | $ | 0.42 |  |  |  |  | $ | 0.91 |  |  | $ | 0.92 |  |  |
For the three and nine months ended September 30, 2021, there were 206,035 and 194,615 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.

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