Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

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)	2023		2022		2023		2022
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	34,311	$	50,502	$	116,470	$	132,309
Denominator:
Total average basic common shares outstanding		59,358,653		59,549,244		59,280,644		60,336,637
Effect of dilutive stock options and other stock compensation		84,713		148,432		105,785		152,611
Total diluted average common shares outstanding		59,443,366		59,697,676		59,386,429		60,489,248
Earnings per common share - basic	$	0.58	$	0.85	$	1.96	$	2.19
Earnings per common share - diluted	$	0.58	$	0.85	$	1.96	$	2.19

As of September 30, 2023 and 2022, 596,642 and 522,711 options to purchase shares were not included in the diluted share computation for the three and nine months ended September 30, 2023 and 2022, 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, 2023, no shares were estimated to be awarded under the 2023, 2022 and 2021 total shareholder return ("TSR") plans, as stock performance targets had not been met as of such date and therefore the effect would be antidilutive. As of September 30, 2022, 36,000 contingently issuable shares were estimated to be awarded under the 2022 and 2021 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, the shares related to the 2020 TSR plan were not included in the calculation because they had not met performance measures and the effect would be antidilutive.

In addition, performance-based restricted stock ("PBRS") compensation totaling 70,568 and 55,230 shares were estimated to be awarded as of September 30, 2023 and September 30, 2022, respectively.