EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2021

Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per share:


(Dollars in thousands, except share and per share data)	2021		2020		2019
Numerator
Net income	$	205,160	$	155,810	$	198,075

Denominator
Basic earnings per common share - weighted average shares	95,034,690		97,363,952		98,305,570
Effect of dilutive securities
Employee stock awards	862,695		729,146		545,901

Diluted earnings per common share - adjusted weighted average shares	95,897,385		98,093,098		98,851,471

Earnings per share available to common shareholders
Basic	$	2.16	$	1.60	$	2.01
Diluted	$	2.14	$	1.59	$	2.00

Stock options and warrants with exercise prices greater than the average market price of the common shares are excluded from the computation of net income per diluted share, as they would be antidilutive. Using the end of period price of the Company's common shares, there were no antidilutive options at December 31, 2021, 2020, or 2019.

As of December 31, 2021, 2020, and 2019, First Financial was authorized to issue 10,000,000 preferred shares; however, no preferred shares were issued or outstanding.