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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2024
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) | 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 37,509 |  |  | $ | 19,545 |  |  | $ | 41,346 |  |  | $ | 71,043 |
Average number of common shares issued | 51,903 |  |  | 51,903 |  |  | 51,903 |  |  | 51,903 |
Less: average number of treasury shares | 8,919 |  |  | 7,916 |  |  | 8,645 |  |  | 7,675 |
Less: average number of unvested stock award shares | 814 |  |  | 823 |  |  | 802 |  |  | 793 |
Average number of basic shares outstanding | 42,170 |  |  | 43,164 |  |  | 42,456 |  |  | 43,435 |
Plus: dilutive effect of unvested stock award shares | 282 |  |  | 183 |  |  | 201 |  |  | 205 |
Plus: dilutive effect of stock options outstanding | 2 |  |  | — |  |  | 1 |  |  | — |
Average number of diluted shares outstanding | 42,454 |  |  | 43,347 |  |  | 42,658 |  |  | 43,640 |
Basic earnings per common share: | $ | 0.89 |  |  | $ | 0.45 |  |  | $ | 0.97 |  |  | $ | 1.64 |
Diluted earnings per common share: | $ | 0.88 |  |  | $ | 0.45 |  |  | $ | 0.97 |  |  | $ | 1.63 |
For the three months ended September 30, 2024, 532 thousand shares of unvested restricted stock and 47 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the nine months ended September 30, 2024, 597 thousand shares of unvested restricted stock and 47 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the three months ended September 30, 2023, 639 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 nine months ended September 30, 2023, 569 thousand shares of unvested restricted stock and 49 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation.

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