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Earnings Per Common Share (Tables)
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Summary of 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