Earnings per share

9 Months Ended

Sep. 30, 2022

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of non-vested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	203,351		202,863		203,351		201,647
Effect of dilutive performance share awards and restricted stock units	293		327		56		308
Weighted average common shares outstanding - diluted	203,644		203,190		203,407		201,955
Shares excluded from the calculation of diluted earnings per share	—		—		77		—
Dividends declared per common share	$	.2175	$	.2125	$	.6525	$	.6375