Earnings per Share

3 Months Ended

Mar. 31, 2022

Note 18—Earnings per Share

A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 1,251,251 and 1,568,301 shares of common stock were outstanding as of March 31, 2022 and 2021, respectively. There were 756,457 and 633,430 restricted stock awards outstanding at March 31, 2022 and 2021, respectively. For the three ended March 31, 2022 and 2021, no stock options outstanding were excluded from the calculation of diluted earnings per common share.

The following represent the calculation of basic and diluted earnings per share for the periods presented:


	Three Months Ended March 31,
	2022		2021
Net income	$	22,311	$	21,798
Less: Dividends on preferred shares		196		196
Net income available to common stockholders	$	22,115	$	21,602
Weighted-average common stock outstanding:
Weighted-average common stock outstanding (basic)		37,123,161		38,164,201
Incremental shares		919,661		751,281
Weighted-average common stock outstanding (dilutive)		38,042,822		38,915,482
Basic earnings per common share	$	0.60	$	0.57
Diluted earnings per common share	$	0.58	$	0.56