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Computation of Earnings Per Share
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

(2) Computation of Earnings Per Share

The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts):

 

 

 

First Quarter

 

 

 

2022

 

 

2021

 

Numerator:

 

 

 

 

 

 

 

 

Net income

 

$

79,424

 

 

$

37,291

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share–weighted

     average common shares

 

 

26,391

 

 

 

26,285

 

Dilutive effect of share-based awards

 

 

279

 

 

 

386

 

Denominator for diluted earnings per share–adjusted

     weighted average common shares

 

 

26,670

 

 

 

26,671

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

3.01

 

 

$

1.42

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

2.98

 

 

$

1.40

 

 

For the quarter ended March 31, 2022, options and restricted stock for 15,808 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.  For the quarter ended March 31, 2021 options and restricted stock for 20,164 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.