Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:


	For the Years Ended December 31,
(in thousands, except shares and per share amounts)	2023		2022		2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	148,907	$	181,988	$	232,135
Denominator:
Total average basic common shares outstanding		59,303,210		60,047,177		65,520,527
Effect of dilutive stock options and other stock compensation		124,779		168,197		149,443
Total diluted average common shares outstanding		59,427,989		60,215,374		65,669,970
Earnings per common share—basic	$	2.51	$	3.03	$	3.54
Earnings per common share—diluted		2.51		3.02		3.53

As of December 31, 2023, 2022 and 2021, respectively, 594,017, 510,211 and 412,131 options to purchase shares were excluded in the diluted shares computation because the exercise price was greater than the average market price of the common shares and, therefore, the effect would be antidilutive.

As of December 31, 2023, 24,000 shares were estimated to be awarded under the active total shareholder return plans as stock performance targets had been met. As of December 31, 2022, 53,280 were estimated to be awarded and were included in the diluted calculation and as of December 31, 2021, no shares were included because the performance criteria was not met at that time and the effect would be antidilutive.

In addition, performance-based restricted stock compensation totaling 68,833, 53,230 and 61,267 shares were estimated to be awarded as of December 31, 2023, 2022 and 2021, respectively, and are included in the calculation.