Earnings per Common Share

12 Months Ended

Dec. 31, 2021

Note 2 – Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities. Earnings per common share have been computed based on the following:

	Years Ended December 31,
	2021			2020			2019
	(in thousands, except per share amounts)
Net income available to common stockholders	$	128,636		$	71,289		$	73,395
Earnings allocated to participating securities		(313	)		(356	)		(295	)
Income attributable to common stock	$	128,323		$	70,933		$	73,100
Weighted average common shares outstanding, including participating securities		39,723			39,643			35,289
Weighted average participating securities		(97	)		(131	)		(84	)
Weighted average common shares outstanding		39,626			39,512			35,205
Incremental shares from assumed conversions of options, restricted stock units, performance units and restricted stock		260			132			88
Weighted average common and equivalent shares outstanding		39,886			39,644			35,293
Earnings per common share:
Basic	$	3.24		$	1.80		$	2.08
Diluted		3.22			1.79			2.07

There were no antidilutive common share equivalents as of December 31, 2021, 2020 and 2019.