EARNINGS PER COMMON SHARE ("EPS")

6 Months Ended

Jun. 30, 2021

EARNINGS PER COMMON SHARE ("EPS")

EARNINGS PER COMMON SHARE ("EPS")

5.EARNINGS PER COMMON SHARE ("EPS")

Basic EPS is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into Common Stock, and if all likely aggregate performance-based share awards ("PSA”) are issued, when there are outstanding shares. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award ("RSA") shares are included in the calculation of the weighted average shares outstanding for basic

and diluted EPS. Unvested RSA and PSA shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands except share and per share amounts)	2021		2020		2021		2020
Net income available to common stockholders	$	49,456	$	11,826	$	26,601	$	20,218
Less: Dividends paid and earnings allocated to participating securities		(539)		(46)		(276)		(113)
Income attributable to common stock	$	48,917	$	11,780	$	26,325	$	20,105
Weighted average common shares outstanding, including participating securities		41,432,256		21,615,403		38,006,716		22,086,209
Less: weighted average participating securities		(451,179)		(207,565)		(367,144)		(193,803)
Weighted average common shares outstanding		40,981,077		21,407,838		37,639,572		21,892,406
Basic EPS	$	1.19	$	0.55	$	0.70	$	0.92
Income attributable to common stock	$	48,917	$	11,780	$	26,325	$	20,105
Weighted average common shares outstanding		40,981,077		21,407,838		37,639,572		21,892,406
Weighted average common equivalent shares outstanding		508		134,078		832		135,786
Weighted average common and equivalent shares outstanding		40,981,585		21,541,916		37,640,404		22,028,192
Diluted EPS	$	1.19	$	0.55	$	0.70	$	0.91

Common and equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were 180,020 weighted-average stock options outstanding for the three- and six-month periods ended June 30, 2021, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. There were no "out-of-the-money" stock options during the three-month period ended June 30, 2020 or the six-month period ended June 30, 2020.

For information about the calculation of expected aggregate PSA share payouts, see Note 16.