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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2021
Earnings Per Common Share  
Earnings Per Common Share

Note 13: Earnings Per Common Share

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Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include deferred stock units that are vested but not delivered. Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options and warrants were exercised and RSUs were vested.

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Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):

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​

​

​

​

​

​

​

​

​

​

​

​

​

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Three Months Ended September 30, 

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Nine Months Ended September 30, 

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2021

    

2020

    

2021

    

2020

Net income

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$

25,941

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$

30,829

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$

93,523

​

$

71,999

Shares:

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​

​

​

​

​

​

​

​

​

​

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Weighted average common shares outstanding

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56,227,816

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54,585,998

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55,256,348

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54,579,088

Dilutive effect of outstanding options, warrants, and restricted stock units as determined by the application of the treasury stock method

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597,148

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151,922

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613,969

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217,266

Dilutive effect of ESPP shares

​

​

7,554

​

​

—

​

​

2,518

​

​

—

Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation

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56,832,518

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54,737,920

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55,872,835

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54,796,354

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​

​

​

​

​

​

​

​

​

​

​

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Basic earnings per common share

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$

0.46

​

$

0.56

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$

1.69

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$

1.32

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​

​

​

​

​

​

​

​

​

​

​

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Diluted earnings per common share

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$

0.46

​

$

0.56

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$

1.67

​

$

1.31

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Shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:

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Three Months Ended September 30, 

​

Nine Months Ended September 30, 

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2021

    

2020

    

2021

    

2020

Anti-dilutive common stock equivalents

​

​

​

​

​

​

​

​

​

​

​

​

Options

​

​

—

​

​

39,085

​

​

—

​

​

39,085

RSU and DSU awards

​

​

47,805

​

​

261,091

​

​

97,067

​

​

261,091

PSU awards

​

​

85,571

​

​

—

​

​

95,511

​

​

—

Total anti-dilutive common stock equivalents

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​

133,376

​

​

300,176

​

​

192,578

​

​

300,176

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