Net Income Per Common Share

3 Months Ended

Mar. 31, 2023

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:


	Three Months Ended
	March 31,
	2023		2022
Basic
Net income applicable to common stock	$	46,078	$	33,547
Average common shares outstanding	56,008,741		55,809,192
Net income per common share - basic	$	0.82	$	0.60
Diluted
Net income applicable to common stock	$	46,078	$	33,547
Average common shares outstanding	56,008,741		55,809,192
Effect of dilutive stock-based compensation	261,478		272,671
Average common shares outstanding - diluted	56,270,219		56,081,863
Net income per common share - diluted	$	0.82	$	0.60

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:


	Three Months Ended
	March 31,
	2023	2022
Number of shares	68,771	2,200