EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

15. EARNINGS PER SHARE

The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.

As of December 31, 2021, 2020 and 2019, there were no anti-dilutive equity-based awards excluded from the calculation of diluted earnings per share.

Earnings per share calculations for the years ended December 31, 2021, 2020, and 2019, were as follows:


(In thousands, except per share data)	Net Earnings		Weighted- Average Shares Outstanding	Earnings per Share
2021
Basic earnings per share	$	267,159	40,417	$	6.61
Dilutive effect of deferred stock compensation			185
Diluted earnings per share	$	267,159	40,602	$	6.58
2020
Basic earnings per share	$	201,392	41,738	$	4.83
Dilutive effect of stock options and deferred stock compensation			261
Diluted earnings per share	$	201,392	41,999	$	4.80
2019
Basic earnings per share	$	307,583	42,739	$	7.20
Dilutive effect of stock options and deferred stock compensation			277
Diluted earnings per share	$	307,583	43,016	$	7.15