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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.