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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands, except per share data) | 2022 |  | 2021 |  | 2022 |  | 2021
Net income | $ | 18,717 |  |  | $ | 63,749 |  |  | $ | 62,028 |  |  | $ | 98,416 |
Average number of common shares issued | 51,903 |  |  | 51,903 |  |  | 51,903 |  |  | 51,903 |
Less: average number of treasury shares | 6,433 |  |  | 2,764 |  |  | 5,068 |  |  | 1,519 |
Less: average number of unvested stock award shares | 770 |  |  | 744 |  |  | 779 |  |  | 712 |
Average number of basic shares outstanding | 44,700 |  |  | 48,395 |  |  | 46,056 |  |  | 49,672 |
Plus: dilutive effect of unvested stock award shares | 330 |  |  | 342 |  |  | 336 |  |  | 286 |
Plus: dilutive effect of stock options outstanding | 4 |  |  | 7 |  |  | 4 |  |  | 5 |
Average number of diluted shares outstanding | 45,034 |  |  | 48,744 |  |  | 46,396 |  |  | 49,963 |
Basic earnings per common share: | $ | 0.42 |  |  | $ | 1.32 |  |  | $ | 1.35 |  |  | $ | 1.98 |
Diluted earnings per common share: | $ | 0.42 |  |  | $ | 1.31 |  |  | $ | 1.34 |  |  | $ | 1.97 |
For the three months ended September 30, 2022, 440 thousand shares of unvested restricted stock and 68 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the nine months ended September 30, 2022, 448 thousand shares of unvested restricted stock and 69 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the three months ended September 30, 2021, 402 thousand shares of unvested restricted stock and 88 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the nine months ended September 30, 2021, 425 thousand shares of unvested restricted stock and 93 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation.

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