Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

8. EARNINGS PER COMMON SHARE

Basic and diluted earnings per common share (“EPS”) amounts are presented on the face of the accompanying Income Statements.

The reconciliation of the basic and diluted EPS denominators related to the common shares is included in the following table (in thousands):


	Quarter Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Basic weighted-average common shares		30,941		31,756		31,219		31,825
Dilutive effect of restricted common stock		218		204		268	208
Diluted weighted-average common shares		31,159		31,960		31,487		32,033

The stock warrants have a dilutive effect only in those quarterly periods in which our average stock price exceeds the exercise price of $26.68 per warrant (under the treasury stock method), and are not subject to performance vesting conditions (see Note 9). Potentially dilutive common shares related to non-participating unvested restricted stock excluded from the computation of diluted EPS, as the effect was antidilutive, were not material in any period presented.