Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(unaudited, in thousands, except shares and per share amounts)	2022		2021		2022		2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	50,502	$	41,877	$	132,309	$	180,518
Denominator:
Total average basic common shares outstanding		59,549,244		64,931,764		60,336,637		66,354,750
Effect of dilutive stock options and other stock compensation		148,432		134,084		152,611		155,607
Total diluted average common shares outstanding		59,697,676		65,065,848		60,489,248		66,510,357
Earnings per common share - basic	$	0.85	$	0.64	$	2.19	$	2.72
Earnings per common share - diluted	$	0.85	$	0.64	$	2.19	$	2.71

As of September 30, 2022 and 2021, 522,711 and 534,961 options to purchase shares were not included in the diluted share computation for the three and nine months ended September 30, 2022 and 2021, respectively, because the exercise price was greater than the average market price of a common share, and, therefore, the effect would be antidilutive.

As of September 30, 2022, an aggregate of 36,000 contingently issuable shares were estimated to be awarded under the 2022 and 2021 total shareholder return ("TSR") plans, as stock performance targets had been met as of such date and therefore those shares were included in the diluted calculation. As of September 30, 2022, no shares related to the 2020 TSR plan were included in the calculation because the effect would be antidilutive. As of September 30, 2021, no shares related to the 2021, 2020 and 2019 TSR plans were included in the calculation because the effect would be antidilutive.

In addition, performance-based restricted stock ("PBRS") compensation totaling 55,230 and 61,267 shares were estimated to be awarded as of September 30, 2022 and September 30, 2021, respectively, and are included in the diluted calculation for both the three and nine months then ended.