Earnings Per Share

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023
Net income available to common shareholders	$	49,647	$	43,727	$	133,619	$	146,717








Weighted average common shares outstanding	37,337		37,405		37,437		37,353

Additional dilutive common stock equivalents	146		115		110		140
Weighted average diluted common shares outstanding	37,483		37,520		37,547		37,493

Basic earnings per common share:	$	1.33	$	1.17	$	3.57	$	3.93
Diluted earnings per common share:	1.32		1.17		3.56		3.91

For the three and nine months ended September 30, 2024, common stock equivalents of approximately 441,000 and 572,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 440,000 and 430,000 common stock equivalents excluded in the three and nine months ended September 30, 2023, respectively.