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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
(In thousands, except per share data) | 2023 |  | 2022 |  | 2023 |  | 2022
Net income | $ | 23,861 |  |  | $ | 23,115 |  |  | $ | 51,498 |  |  | $ | 43,311 |
Average number of common shares issued | 51,903 |  |  | 51,903 |  |  | 51,903 |  |  | 51,903 |
Less: average number of treasury shares | 7,624 |  |  | 5,247 |  |  | 7,552 |  |  | 4,375 |
Less: average number of unvested stock award shares | 836 |  |  | 838 |  |  | 787 |  |  | 795 |
Average number of basic shares outstanding | 43,443 |  |  | 45,818 |  |  | 43,564 |  |  | 46,733 |
Plus: dilutive effect of unvested stock award shares | 89 |  |  | 283 |  |  | 216 |  |  | 337 |
Plus: dilutive effect of stock options outstanding | — |  |  | 1 |  |  | — |  |  | 4 |
Average number of diluted shares outstanding | 43,532 |  |  | 46,102 |  |  | 43,780 |  |  | 47,074 |
Basic earnings per common share: | $ | 0.55 |  |  | $ | 0.50 |  |  | $ | 1.18 |  |  | $ | 0.93 |
Diluted earnings per common share: | $ | 0.55 |  |  | $ | 0.50 |  |  | $ | 1.18 |  |  | $ | 0.92 |
For the three months ended June 30, 2023, 747 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 six months ended June 30, 2023, 563 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 June 30, 2022, 555 thousand shares of unvested restricted stock and 74 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the six months ended June 30, 2022, 445 thousand shares of unvested restricted stock and 75 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation.

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