Earnings Per Share

9 Months Ended

Sep. 30, 2021

7.	Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted EPS for the periods presented in the unaudited interim consolidated statements of income:

	Three Months Ended September 30,
(In thousands, except per share data)	2021		2020
Basic EPS:
Weighted average common shares outstanding		43,360		43,643
Net income available to common stockholders	$	37,433	$	35,113
Basic EPS	$	0.86	$	0.80

Diluted EPS:
Weighted average common shares outstanding		43,360		43,643
Dilutive effect of common stock options and restricted stock		271		299
Weighted average common shares and common share equivalents		43,631		43,942
Net income available to common stockholders	$	37,433	$	35,113
Diluted EPS	$	0.86	$	0.80

	Nine Months Ended September 30,
(In thousands, except per share data)	2021		2020
Basic EPS:
Weighted average common shares outstanding		43,464		43,704
Net income available to common stockholders	$	117,575	$	70,194
Basic EPS	$	2.71	$	1.61

Diluted EPS:
Weighted average common shares outstanding		43,464		43,704
Dilutive effect of common stock options and restricted stock		305		293
Weighted average common shares and common share equivalents		43,769		43,997
Net income available to common stockholders	$	117,575	$	70,194
Diluted EPS	$	2.69	$	1.60

There was a nominal number of stock options outstanding for the three and nine months ended September 30, 2021 and September 30, 2020, that were not considered in the calculation of diluted EPS since the stock options’ exercise prices were greater than the average market price during these periods.