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Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Common Share

Earnings Per Common Share

Note 12:  Earnings Per Common Share

​

Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include DSUs 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, stock units were vested, and ESPP shares were issued.

​

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

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022			2021
Net income	​	$	28,439	​	$	37,816
Shares:	​	​	​	​	​	​
Weighted average common shares outstanding	​		55,427,696	​		54,471,860
Dilutive effect of outstanding options, warrants, and stock units as determined by the application of the treasury stock method	​		755,748	​		563,946
Dilutive effect of ESPP shares	​	​	11,502	​	​	—
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation	​		56,194,946	​		55,035,806
​	​	​	​	​	​	​
Basic earnings per common share	​	$	0.51	​	$	0.69
​	​	​	​	​	​	​
Diluted earnings per common share	​	$	0.51	​	$	0.69

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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 March 31,
​		2022			2021
Anti-dilutive common stock equivalents	​	​	​	​	​	​
RSU and DSU awards	​	​	—	​	​	243,396
PSU awards	​	​	241,452	​	​	114,883
Total anti-dilutive common stock equivalents	​	​	241,452	​	​	358,279

​

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- References

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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