Earnings Per Share Reconciliation

6 Months Ended

Jun. 30, 2022

7. EARNINGS PER SHARE RECONCILIATION

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and six months ended June 30, 2022, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 99,000 and 540,000, respectively. For the three and six months ended June 30, 2021, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 115,000 and 116,000, respectively.

The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	59,058	$	51,179	$	104,618	$	115,072
Less: Net earnings allocated to restricted stock		398		239		650		547
Net earnings allocated to common shareholders	$	58,660	$	50,940	$	103,968	$	114,525
Weighted average shares outstanding		139,748		135,286		140,467		135,235
Basic earnings per common share	$	0.42	$	0.38	$	0.74	$	0.85

Diluted earnings per common share:
Net income allocated to common shareholders	$	58,660	$	50,940	$	103,968	$	114,525
Weighted average shares outstanding		139,748		135,286		140,467		135,235
Incremental shares from assumed exercise of outstanding options		305		221		263		235
Diluted weighted average shares outstanding		140,053		135,507		140,730		135,470
Diluted earnings per common share	$	0.42	$	0.38	$	0.74	$	0.85