Earnings Per Share

9 Months Ended

Sep. 30, 2022

EARNINGS PER SHAREBasic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. 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 September 30,				Nine months ended September 30,
(in thousands, except per share data)	2022		2021		2022		2021
Net income available to common shareholders	$	49,263	$	13,913	$	139,938	$	82,244








Weighted average common shares outstanding	37,241		36,898		37,422		33,158

Additional dilutive common stock equivalents	106		49		96		47
Weighted average diluted common shares outstanding	37,347		36,947		37,518		33,205

Basic earnings per common share:	$	1.32	$	0.38	$	3.74	$	2.48
Diluted earnings per common share:	1.32		0.38		$	3.73	$	2.48

For both the three and nine months ended September 30, 2022, common stock equivalents of approximately 218,000 were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 151,000 and 153,000 common stock equivalents excluded in the prior year periods, respectively.