Earnings Per Share

9 Months Ended

Sep. 30, 2023

8.	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 and the anti-dilutive stock options and restricted stock outstanding for the periods presented in the unaudited interim consolidated statements of income:

	Three Months Ended September 30,
(In thousands, except per share data)	2023		2022
Basic EPS:
Weighted average common shares outstanding		45,163		42,838
Net income available to common stockholders	$	24,606	$	38,973
Basic EPS	$	0.54	$	0.91

Diluted EPS:
Weighted average common shares outstanding		45,163		42,838
Dilutive effect of common stock options and restricted stock		236		273
Weighted average common shares and common share equivalents		45,399		43,111
Net income available to common stockholders	$	24,606	$	38,973
Diluted EPS	$	0.54	$	0.90

Anti-dilutive stock options and restricted stock outstanding		27		2

	Nine Months Ended September 30,
(In thousands, except per share data)	2023		2022
Basic EPS:
Weighted average common shares outstanding		43,662		42,940
Net income available to common stockholders	$	88,336	$	115,874
Basic EPS	$	2.02	$	2.70

Diluted EPS:
Weighted average common shares outstanding		43,662		42,940
Dilutive effect of common stock options and restricted stock		234		254
Weighted average common shares and common share equivalents		43,896		43,194
Net income available to common stockholders	$	88,336	$	115,874
Diluted EPS	$	2.01	$	2.68

Anti-dilutive stock options and restricted stock outstanding		25		2