EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

21. EARNINGS PER 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, and prior to 2021, if all likely aggregate PSAs were issued. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested 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:

	Year Ended December 31,
(In thousands except share and per share amounts)	2023		2022		2021
Net income available to common stockholders	$	88,808	$	145,270	$	96,710
Less: Dividends paid and earnings allocated to participating securities		(1,240)		(1,688)		(1,215)
Income attributable to common stock	$	87,568	$	143,582	$	95,495
Weighted-average common shares outstanding, including participating securities		38,754,346		38,985,314		39,327,959
Less: weighted-average participating securities		(566,869)		(446,480)		(425,533)
Weighted-average common shares outstanding		38,187,477		38,538,834		38,902,426
Basic EPS	$	2.29	$	3.73	$	2.45
Income attributable to common stock	$	87,568	$	143,582	$	95,495
Weighted-average common shares outstanding		38,187,477		38,538,834		38,902,426
Weighted-average common equivalent shares outstanding		—		—		611
Weighted-average common and equivalent shares outstanding		38,187,477		38,538,834		38,903,037
Diluted EPS	$	2.29	$	3.73	$	2.45

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 69,479, 134,447 and 167,053 weighted-average stock options outstanding for the years ended December 31, 2023, 2022 and 2021, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.