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Earnings Per Share
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share
Note 18 – Earnings Per Share
 
The Company’s restricted stock awards contain non-forfeitable rights to dividends and therefore are considered participating securities. The Company calculates basic and diluted earnings per common share using the two-class method.

Under the two-class method, distributed and undistributed earnings allocable to participating securities are deducted from net income to determine net income allocable to common shareholders, which is then used in the numerator of both basic and diluted earnings per share calculations. Basic earnings per common share is computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding for the reporting period, excluding outstanding participating securities. Diluted earnings per common share is computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding over the reporting period, adjusted to include the effect of potentially dilutive common shares, but excludes awards considered participating securities. The computation of diluted earnings per common share excludes the impact of the assumed exercise or issuance of securities that would have an anti-dilutive effect.

The following tables set forth the Company’s earnings per share calculations for the periods indicated:
For the Year Ended December 31,
(Dollars in thousands, except per share data)202220212020
Basic
Net income$283,743 $339,889 $60,351 
Less: dividends and undistributed earnings allocated to participating securities(3,405)(3,517)(798)
Net income allocated to common stockholders$280,338 $336,372 $59,553 
Weighted average common shares outstanding93,718,293 93,532,109 79,209,560 
Basic earnings per common share$2.99 $3.60 $0.75 
Diluted
Net income allocated to common stockholders$280,338 $336,372 $59,553 
Weighted average common shares outstanding93,718,293 93,532,109 79,209,560 
Dilutive effect of share-based compensation373,168 480,028 287,513 
Dilutive effect of stock warrants— — 9,201 
Weighted average diluted common shares94,091,461 94,012,137 79,506,274 
Diluted earnings per common share$2.98 $3.58 $0.75 
 
Shares or stock options are excluded from the computations of diluted earnings per share when their inclusion have an anti-dilutive effect. The dilutive impact of these securities could be included in future computations of diluted earnings per share if the market price of the common stock increases. There were no potential common shares that were anti-dilutive at December 31, 2022 and December 31, 2021. For the year ended December 31, 2020, there were 737 weighted average common shares that were anti-dilutive.