EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

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.