EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 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.