Earnings Per Share

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income available to common shareholders 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 June 30,				Six months ended June 30,
(in thousands, except per share data)	2023		2022		2023		2022
Net income available to common shareholders	$	48,190	$	44,211	$	102,990	$	90,675








Weighted average common shares outstanding	37,347		37,243		37,326		37,514

Additional dilutive common stock equivalents	148		39		185		58
Weighted average diluted common shares outstanding	37,495		37,282		37,511		37,572

Basic earnings per common share:	$	1.29	$	1.19	$	2.76	$	2.42
Diluted earnings per common share:	1.29		1.19		$	2.75	$	2.41

For the three and six months ended June 30, 2023, common stock equivalents of approximately 462,000 and 411,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 363,000 and 319,000 common stock equivalents excluded in the prior year periods, respectively.