Earnings Per Share Reconciliation

3 Months Ended

Mar. 31, 2021

6.	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 months ended March 31, 2021 and 2020, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 117,000 and 269,000, 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 March 31,
	2021		2020
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	63,893	$	37,980
Less: Net earnings allocated to restricted stock		309		83

Net earnings allocated to common shareholders	$	63,584	$	37,897

Weighted average shares outstanding		135,175		139,107
Basic earnings per common share	$	0.47	$	0.27


Diluted earnings per common share:
Net income allocated to common shareholders		63,584		37,897

Weighted average shares outstanding		135,175		139,107
Incremental shares from assumed exercise of outstanding options		253		209

Diluted weighted average shares outstanding		135,428		139,316
Diluted earnings per common share	$	0.47	$	0.27