Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per ShareThe Company’s shares of restricted stock contain rights to receive nonforfeitable dividends and thus are participating securities requiring the computation of basic earnings per share (“EPS”) using the two-class method. As the shares of restricted stock are both potential shares of common stock and participating securities, the Company calculates diluted earnings per share by the more dilutive of the treasury stock method or the two-class method. The calculation of EPS for net income available to common shareholders excludes the distribution of dividends and undistributed earnings attributable to participating securities from the numerator. The diluted earnings weighted average shares of common stock outstanding includes stock options, PVRSUs and RSUs.

The computation of basic and diluted earnings per common share is as follows:


	Year Ended December 31,
(in thousands, except per share amounts)	2021		2020		2019
Numerator:


Net income	$	288,957	$	75,387	$	222,878
Income allocated to participating securities	(1,125)		(423)		(1,352)
Net income available to common shareholders	$	287,832	$	74,964	$	221,526
Denominator:
Weighted average common shares outstanding - basic	55,379		55,175		55,358


Basic earnings per share	$	5.20	$	1.36	$	4.00

Numerator:


Net income	$	288,957	$	75,387	$	222,878
Income allocated to participating securities	(1,125)		(423)		(1,346)
Net income available to common shareholders	$	287,832	$	74,964	$	221,532
Denominator:
Weighted average common shares outstanding - basic	55,379		55,175		55,358
Diluted effect of stock options and PVRSUs	504		354		310
Weighted average common shares outstanding - diluted	55,883		55,529		55,668



Diluted earnings per share	$	5.15	$	1.35	$	3.98

The following securities have been excluded from the calculation of diluted weighted average common shares outstanding as the inclusion of these securities would have an anti-dilutive effect:


	Year Ended December 31,
(in thousands)	2021	2020	2019
Stock Options	—	155	—
PVRSUs	155	231	168