Earnings Per Share

12 Months Ended

Dec. 31, 2022

Basic earnings per share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method.

In 2022 and 2020, options to purchase 1,505 and 508,000 shares of the Company's common stock, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share. In 2021, no options were antidilutive.


	For the Year Ended December 31,
(In thousands, except per share data)	2022		2021		2020
Basic earnings per share
Net Income	$	106,507	$	124,403	$	77,764
Total weighted average common stock outstanding	63,707		56,586		53,502
Net income per share	$	1.67	$	2.20	$	1.45

Diluted earnings per share
Net Income	$	106,507	$	124,403	$	77,764

Total weighted average common stock outstanding	63,707		56,586		53,502
Add: Dilutive effect of share-based awards outstanding	557		502		428
Total weighted average diluted stock outstanding	64,264		57,088		53,930
Net income per share	$	1.66	$	2.18	$	1.44
Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented.