Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Note 13—Earnings Per Common Share

Basic and diluted earnings per common share are computed by dividing net income by the weighted-average number of basic and diluted common shares outstanding, respectively. The weighted-average number of diluted common shares includes the impact of dilutive securities, including outstanding stock options, restricted stock units, performance stock units and deferred stock units. The table below reconciles the weighted-average basic and diluted common shares outstanding:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Numerator for basic and diluted earnings per share:
Net income	$	12,684	$	11,329

Denominator
Weighted average number of common shares outstanding - basic	74,497		74,326
Effect of dilutive securities1	21		7
Weighted average number of common shares outstanding - diluted	74,518		74,333

Basic earnings per share:	$	0.17	$	0.15

Diluted earnings per share:	$	0.17	$	0.15

1.Certain outstanding equity awards are anti-dilutive and therefore excluded from the calculation of the weighted average number of diluted common shares outstanding.

Anti-dilutive outstanding equity awards under share-based compensation plans were as follows:


	Three Months Ended March 31,
	2023	2022
	(in thousands)
Anti-dilutive	3,191	3,369