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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common ShareBasic 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 September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net income | $ | 35,661 |  |  | $ | 25,941 |  |  | $ | 93,924 |  |  | $ | 93,523 |
Weighted average number of common shares outstanding, basic | 55,349,547 |  | 56,227,816 |  | 55,399,424 |  | 55,256,348
Dilutive effect of common stock equivalents: |  |  |  |  |  |  |
Options | 249 |  | 122 |  | 1,606 |  | 1,009
Warrants | 1,708 |  | 1,704 |  | 1,749 |  | 1,732
RSU awards | 624,576 |  | 577,611 |  | 661,173 |  | 602,311
PSU awards | 81,268 |  | 4,915 |  | 37,393 |  | 2,601
DSU awards | 10,414 |  | 12,796 |  | 14,275 |  | 6,316
ESPP | 5,402 |  | 7,554 |  | 8,136 |  | 2,518
Weighted average number of common shares outstanding, diluted | 56,073,164 |  | 56,832,518 |  | 56,123,756 |  | 55,872,835
Basic earnings per common share | $ | 0.64 |  |  | $ | 0.46 |  |  | $ | 1.70 |  |  | $ | 1.69 |
Diluted earnings per common share | $ | 0.64 |  |  | $ | 0.46 |  |  | $ | 1.67 |  |  | $ | 1.67 |
Average 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:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Anti-dilutive common stock equivalents |  |  |  |  |  |  |
Options | — |  | — |  | 10,389 |  | —
RSU awards | — |  | 47,805 |  | 51,883 |  | 86,744
PSU awards | 160,391 |  | 85,571 |  | 226,771 |  | 95,511
DSU awards | — |  | — |  | — |  | 10,323
Total anti-dilutive common stock equivalents | 160,391 |  | 133,376 |  | 289,043 |  | 192,578

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- Definition 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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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