Earnings Per Share

9 Months Ended

Sep. 30, 2021

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2021		2020		2021		2020
Net income as reported	$	13,913	$	17,951	$	82,244	$	45,453








Weighted average common shares outstanding	36,898		26,217		33,158		26,290

Additional dilutive common stock equivalents	49		11		47		21
Weighted average diluted common shares outstanding	36,947		26,228		33,205		26,311

Basic earnings per common share:	$	0.38	$	0.68	$	2.48	$	1.73
Diluted earnings per common share:	0.38		0.68		$	2.48	$	1.73

For the three and nine months ended September 30, 2021 common stock equivalents of approximately 151,000 and 153,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 132,000 and 139,000 common stock equivalents excluded in the prior year periods, respectively.