Earnings Per Share

9 Months Ended

Sep. 30, 2022

7.	Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted EPS for the periods presented in the unaudited interim consolidated statements of income:

	Three Months Ended September 30,
(In thousands, except per share data)	2022		2021
Basic EPS:
Weighted average common shares outstanding		42,838		43,360
Net income available to common stockholders	$	38,973	$	37,433
Basic EPS	$	0.91	$	0.86

Diluted EPS:
Weighted average common shares outstanding		42,838		43,360
Dilutive effect of common stock options and restricted stock		273		271
Weighted average common shares and common share equivalents		43,111		43,631
Net income available to common stockholders	$	38,973	$	37,433
Diluted EPS	$	0.90	$	0.86

	Nine Months Ended September 30,
(In thousands, except per share data)	2022		2021
Basic EPS:
Weighted average common shares outstanding		42,940		43,464
Net income available to common stockholders	$	115,874	$	117,575
Basic EPS	$	2.70	$	2.71

Diluted EPS:
Weighted average common shares outstanding		42,940		43,464
Dilutive effect of common stock options and restricted stock		254		305
Weighted average common shares and common share equivalents		43,194		43,769
Net income available to common stockholders	$	115,874	$	117,575
Diluted EPS	$	2.68	$	2.69

There was a nominal number of weighted average stock options outstanding for the three and nine months ended September 30, 2022 and September 30, 2021, that were not considered in the calculation of diluted EPS since the stock options’ exercise prices were greater than the average market price during these periods.