Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt prior to its retirement using the treasury stock method, to the extent dilutive. Dilution resulting from the conversion option within our convertible debt that was repaid in April 2021 was determined by computing an average of incremental shares included in the three months ended March 31, 2021 diluted EPS computation.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ($ in thousands, except share and per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net income attributable to common stockholders	$	21,673	$	39,183	$	30,073	$	74,513

BASIC:
Weighted average common shares outstanding	45,708,238		45,850,599		45,779,433		45,577,843

DILUTED:
Weighted average common shares outstanding	45,708,238		45,850,599		45,779,433		45,577,843
Stock options	10,300		7,475		5,338		9,174
Convertible senior notes	—		—		—		20,907
Weighted average dilutive common shares outstanding	45,718,538		45,858,074		45,784,771		45,607,924

Net income attributable to common stockholders - basic	$	0.47	$	0.85	$	0.66	$	1.63
Net income attributable to common stockholders - diluted	$	0.47	$	0.85	$	0.66	$	1.63

Incremental anti-dilutive shares excluded:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	503,862		290,998		488,187		248,223

Regular dividends declared per common share	$	0.90	$	0.90	$	1.80	$	2.0025