Earnings Per Common Share

12 Months Ended

Dec. 31, 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. If our average stock price for the period is higher than the conversion price of our convertible debt, the conversion feature is considered dilutive.

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):


	Year Ended December 31,
	2022		2021		2020
Net income attributable to common stockholders	$	66,403	$	111,804	$	185,126

BASIC:
Weighted average common shares outstanding	44,774,708		45,714,221		44,696,285

DILUTED:
Weighted average common shares outstanding	44,774,708		45,714,221		44,696,285
Stock options	19,528		4,823		1,719
Convertible debt	—		10,453		—
Weighted average dilutive common shares outstanding	44,794,236		45,729,497		44,698,004

Net income attributable to common stockholders - basic	$	1.48	$	2.45	$	4.14
Net income attributable to common stockholders - diluted	$	1.48	$	2.44	$	4.14

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	564,803		383,716		390,596

Regular dividends declared per common share	$	3.60	$	3.8025	$	4.41