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Earnings Per Share

3 Months Ended

Mar. 31, 2021

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.


	Three months ended March 31,
(in thousands, except per share data)	2021		2020
Net income as reported	$	29,926	$	12,868








Weighted average common shares outstanding	31,247		26,473

Additional dilutive common stock equivalents	59		66
Weighted average diluted common shares outstanding	31,306		26,539

Basic earnings per common share:	$	0.96	$	0.49
Diluted earnings per common share:	0.96		0.48

For the three months ended March 31, 2021 common stock equivalents of approximately 222,000 were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 62,000 common stock equivalents excluded in the prior year period.