Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

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