EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2023

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

4.EARNINGS PER COMMON SHARE

Basic earnings per share (“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. 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 performance-based share awards (“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)	2023		2022		2023		2022
Net income available to common stockholders	$	13,163	$	37,659	$	74,321	$	107,032
Less: Dividends paid and earnings allocated to participating securities		(209)		(438)		(1,015)		(1,244)
Income attributable to common stock	$	12,954	$	37,221	$	73,306	$	105,788
Weighted-average common shares outstanding, including participating securities		38,821,541		38,614,436		38,732,963		39,125,192
Less: weighted-average participating securities		(617,580)		(448,755)		(555,259)		(446,298)
Weighted-average common shares outstanding		38,203,961		38,165,681		38,177,704		38,678,894
Basic EPS	$	0.34	$	0.98	$	1.92	$	2.74
Income attributable to common stock	$	12,954	$	37,221	$	73,306	$	105,788
Weighted-average common shares outstanding		38,203,961		38,165,681		38,177,704		38,678,894
Weighted-average common equivalent shares outstanding		—		—		—		—
Weighted-average common and equivalent shares outstanding		38,203,961		38,165,681		38,177,704		38,678,894
Diluted EPS	$	0.34	$	0.98	$	1.92	$	2.74

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 92,137 weighted-average stock options outstanding for the three and nine months ended September 30, 2023, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. There were 102,581 and 114,961 weighted-average stock options outstanding for the three and nine months ended September 30, 2022, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.