Earnings Per Share

9 Months Ended

Sep. 30, 2023

EARNINGS PER SHARE

Basic 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)	2023		2022		2023		2022
Net income available to common shareholders	$	43,727	$	49,263	$	146,717	$	139,938








Weighted average common shares outstanding	37,405		37,241		37,353		37,422

Additional dilutive common stock equivalents	115		106		140		96
Weighted average diluted common shares outstanding	37,520		37,347		37,493		37,518

Basic earnings per common share:	$	1.17	$	1.32	$	3.93	$	3.74
Diluted earnings per common share:	1.17		1.32		$	3.91	$	3.73

For the three and nine months ended September 30, 2023, common stock equivalents of approximately 440,000 and 430,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 218,000 common stock equivalents excluded in both the three and nine months ended September 30, 2022.