Net Income Per Common Share

12 Months Ended

Dec. 31, 2022

NOTE 14 – NET INCOME PER COMMON SHARE

Basic net income per common share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.

Diluted net income per common share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation's common stock equivalents consist of outstanding stock options, restricted stock, RSUs and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period.

A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows:


	2022	2021	2020
	(in thousands)
Weighted average common shares outstanding (basic)	164,119	162,233	162,372
Impact of common stock equivalents	1,353	1,074	718
Weighted average common shares outstanding (diluted)	165,472	163,307	163,090