Earnings Per Share

6 Months Ended

Jun. 30, 2022

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:


	Three months ended June 30,
(in thousands)	2022		2021
Net income	$	31,364	$	28,362
Average number of common shares outstanding	33,561		29,719
Effect of dilutive stock options and restricted stock	144		185
Average number of common shares outstanding used to calculate diluted earnings per share	33,705		29,904
Options excluded from diluted earnings per share because of their antidilutive effect	—		—


	Six months ended June 30,
(in thousands)	2022		2021
Net income	$	51,738	$	62,011
Average number of common shares outstanding	31,815		29,723
Effect of dilutive stock options and restricted stock	148		181
Average number of common shares outstanding used to calculate diluted earnings per share	31,963		29,904
Options excluded from diluted earnings per share because of their antidilutive effect	—		—