Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share

The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data):

	Three Months Ended March 31,
c	2023		2022
Basic earnings per common share:
Numerator:
Net income	$	52,882	$	67,150
Distributed and undistributed earnings allocated to participating securities	(798)		(929)
Income allocated to common stockholders for basic earnings per common share	$	52,084	$	66,221
Denominator:
Weighted average common shares outstanding	74,755,002		84,983,873
Less average unvested stock awards	(1,193,881)		(1,211,807)
Weighted average shares for basic earnings per common share	73,561,121		83,772,066
Basic earnings per common share	$	0.71	$	0.79
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share	$	52,084	$	66,221
Adjustment for earnings reallocated from participating securities	3		1
Income used in calculating diluted earnings per common share	$	52,087	$	66,222
Denominator:
Weighted average shares for basic earnings per common share	73,561,121		83,772,066
Dilutive effect of certain share-based awards	447,581		137,704
Weighted average shares for diluted earnings per common share	74,008,702		83,909,770
Diluted earnings per common share	$	0.70	$	0.79