EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2024

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. Basic and diluted EPS on common stock and the basic and diluted EPS on participating securities are the same.

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

	Three Months Ended
	March 31,
(In thousands except share and per share amounts)	2024		2023
Net income available to common stockholders	$	15,870	$	35,482
Less: Dividends paid and earnings allocated to participating securities		(257)		(383)
Income attributable to common stock	$	15,613	$	35,099
Weighted-average common shares outstanding, including participating securities		38,884,434		38,568,640
Less: weighted-average participating securities		(628,876)		(417,175)
Weighted-average common shares outstanding		38,255,558		38,151,465
Basic EPS	$	0.41	$	0.92
Income attributable to common stock	$	15,613	$	35,099
Weighted-average common shares outstanding		38,255,558		38,151,465
Weighted-average common equivalent shares outstanding		—		—
Weighted-average common and equivalent shares outstanding		38,255,558		38,151,465
Diluted EPS	$	0.41	$	0.92

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 26,995 and 92,137 weighted-average stock options outstanding for the three months ended March 31, 2024 and 2023, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.