EARNINGS PER COMMON SHARE ("EPS")

9 Months Ended

Sep. 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 prior to 2021, if all likely aggregate performance-based share awards ("PSA”) were issued. 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				Nine Months Ended
	September 30,				September 30,
(In thousands except share and per share amounts)	2021		2020		2021		2020
Net income available to common stockholders	$	36,573	$	14,046	$	63,174	$	34,264
Less: Dividends paid and earnings allocated to participating securities		(437)		(83)		(811)		(195)
Income attributable to common stock	$	36,136	$	13,963	$	62,363	$	34,069
Weighted average common shares outstanding, including participating securities		40,915,012		21,378,332		38,979,259		21,848,184
Less: weighted average participating securities		(489,274)		(187,781)		(405,102)		(191,438)
Weighted average common shares outstanding		40,425,738		21,190,551		38,574,157		21,656,746
Basic EPS	$	0.89	$	0.66	$	1.62	$	1.57
Income attributable to common stock	$	36,136	$	13,963	$	62,363	$	34,069
Weighted average common shares outstanding		40,425,738		21,190,551		38,574,157		21,656,746
Weighted average common equivalent shares outstanding		423		133,636		700		134,334
Weighted average common and equivalent shares outstanding		40,426,161		21,324,187		38,574,857		21,791,080
Diluted EPS	$	0.89	$	0.65	$	1.62	$	1.56

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 174,584 and 177,953 weighted-average stock options outstanding for the three and nine-month periods ended September 30, 2021, respectively, 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 or the nine-month period ended September 30, 2020.