Earnings per Common Share

9 Months Ended

Sep. 30, 2024

Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), if any. Presented below are the calculations for basic and diluted earnings per common share.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2024		2023		2024		2023
Net income	$	32,516	$	17,158	$	89,579	$	30,855
Weighted average common shares outstanding	15,052		14,740		14,966		14,716
Effect of dilutive common stock awards	427		360		364		328
Diluted weighted average common shares outstanding	15,479		15,100		15,330		15,044
Basic earnings per common share*	$	2.16	$	1.16	$	5.99	$	2.10
Diluted earnings per common share*	$	2.10	$	1.14	$	5.84	$	2.05

*Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted average shares outstanding during the interim period, and not on an annualized weighted average basis. Accordingly, the sum of the earnings per share data for the quarters will not necessarily equal the year to date earnings per share data.

For the three and nine months ended September 30, 2024, options to purchase approximately 0.2 million shares and 0.6 shares, respectively, were excluded from the calculation of diluted earnings per common share as the effect of their exercise would have been anti-dilutive. For the three and nine months ended September 30, 2023, options to purchase approximately 0.8 million shares were excluded from the calculation of diluted earnings per common share as the effect of their exercise would have been anti-dilutive.