Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Common Share

Earnings Per Common Share

Note 19.  Earnings Per Common Share

Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include deferred stock units that are vested but not delivered.  Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options and warrants were exercised, stock units were vested, and ESPP shares were issued.

Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):

	Years Ended December 31,
	2021		2020		2019
Net income	$	123,449	$	100,344	$	102,953
Shares:
Weighted average common shares outstanding		55,369,476		54,567,429		54,851,652
Dilutive effect of outstanding options, warrants, and stock units as determined by the application of the treasury stock method		635,221		259,510		280,842
Dilutive effect of ESPP shares		4,108		—		—
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation		56,008,805		54,826,939		55,132,494
Basic earnings per common share	$	2.23	$	1.84	$	1.88
Diluted earnings per common share	$	2.20	$	1.83	$	1.87

Shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:

	Years Ended December 31,
	2021		2020		2019
Anti-dilutive common stock equivalents
Options		—		39,085		—
RSU and DSU awards		72,800		159,408		201,029
PSU awards		93,026		7,862		—
Total anti-dilutive common stock equivalents		165,826		206,355		201,029