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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2023
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 March 31, |  |
(In thousands, except per share data) | 2023 |  | 2022 |  |  |  |
Net income | $ | 27,637 |  |  | $ | 20,196 |  |  |  |  |
Average number of common shares issued | 51,903 |  |  | 51,903 |  |  |  |  |
Less: average number of treasury shares | 7,488 |  |  | 3,494 |  |  |  |  |
Less: average number of unvested stock award shares | 722 |  |  | 741 |  |  |  |  |
Average number of basic shares outstanding | 43,693 |  |  | 47,668 |  |  |  |  |
Plus: dilutive effect of unvested stock award shares | 343 |  |  | 392 |  |  |  |  |
Plus: dilutive effect of stock options outstanding | — |  |  | 7 |  |  |  |  |
Average number of diluted shares outstanding | 44,036 |  |  | 48,067 |  |  |  |  |
Basic earnings per common share: | $ | 0.63 |  |  | $ | 0.42 |  |  |  |  |
Diluted earnings per common share: | $ | 0.63 |  |  | $ | 0.42 |  |  |  |  |
For the three months ended March 31, 2023, 380 thousand shares of unvested restricted stock and 49 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the three months ended March 31, 2022, 366 thousand shares of unvested restricted stock and 71 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation.

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