Earnings Per Share

9 Months Ended

Sep. 30, 2022

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:


	Three months ended September 30,
(in thousands)	2022		2021
Net income	$	37,338	$	27,422
Average number of common shares outstanding	33,348		29,714
Effect of dilutive stock options and restricted stock	115		137
Average number of common shares outstanding used to calculate diluted earnings per share	33,463		29,851
Options excluded from diluted earnings per share because of their antidilutive effect	—		—


	Nine months ended September 30,
(in thousands)	2022		2021
Net income	$	89,076	$	89,433
Average number of common shares outstanding	32,332		29,720
Effect of dilutive stock options and restricted stock	137		167
Average number of common shares outstanding used to calculate diluted earnings per share	32,469		29,887
Options excluded from diluted earnings per share because of their antidilutive effect	—		—