Earnings Per Share

6 Months Ended

Jun. 30, 2023

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 and the anti-dilutive stock options and restricted stock outstanding for the periods presented in the unaudited interim consolidated statements of income:

	Three Months Ended June 30,
(In thousands, except per share data)	2023		2022
Basic EPS:
Weighted average common shares outstanding		42,905		42,845
Net income available to common stockholders	$	30,072	$	37,775
Basic EPS	$	0.70	$	0.88

Diluted EPS:
Weighted average common shares outstanding		42,905		42,845
Dilutive effect of common stock options and restricted stock		221		248
Weighted average common shares and common share equivalents		43,126		43,093
Net income available to common stockholders	$	30,072	$	37,775
Diluted EPS	$	0.70	$	0.88

Anti-dilutive stock options and restricted stock outstanding		61		2

	Six Months Ended June 30,
(In thousands, except per share data)	2023		2022
Basic EPS:
Weighted average common shares outstanding		42,900		42,992
Net income available to common stockholders	$	63,730	$	76,901
Basic EPS	$	1.49	$	1.79

Diluted EPS:
Weighted average common shares outstanding		42,900		42,992
Dilutive effect of common stock options and restricted stock		229		246
Weighted average common shares and common share equivalents		43,129		43,238
Net income available to common stockholders	$	63,730	$	76,901
Diluted EPS	$	1.48	$	1.78

Anti-dilutive stock options and restricted stock outstanding		24		2