Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:


	For the Three Months Ended March 31,
(unaudited, in thousands, except shares and per share amounts)	2024		2023
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	33,162	$	39,810
Denominator:
Total average basic common shares outstanding		59,382,758		59,217,711
Effect of dilutive stock options and other stock compensation		140,921		157,342
Total diluted average common shares outstanding		59,523,679		59,375,053
Earnings per common share - basic	$	0.56	$	0.67
Earnings per common share - diluted	$	0.56	$	0.67

As of March 31, 2024 and 2023, 567,251 and 483,011 options to purchase shares were not included in the diluted share computation for the three months ended March 31, 2024 and 2023, 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 March 31, 2024, 12,000 contingently issuable shares were estimated to be awarded under the 2022 total shareholder return ("TSR") plan and were included in the diluted calculation as stock performance targets had been met. No shares from the 2023 and 2024 plans were included because the effect would be antidilutive as performance targets were not met. As of March 31, 2023, 42,624 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. No shares related to the 2023 plan were included because the effect would be antidilutive.

In addition, performance-based restricted stock ("PBRS") compensation totaling 87,135 and 61,510 shares were estimated to be awarded as of March 31, 2024 and March 31, 2023, respectively.