Earnings per Common Share

9 Months Ended

Sep. 30, 2021

The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company has issued restricted shares under share-based compensation plans which qualify as participating securities.

The following table sets forth the computation of basic and diluted EPS for the periods presented:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020

	(in thousands except per share amounts)
Basic EPS:
Net income	$	53,017	$	44,734	$	159,909	$	95,944
Less: Earnings allocated to participating securities:

Nonvested restricted shares	91		164		317		487
Earnings allocated to common shareholders	$	52,926	$	44,570	$	159,592	$	95,457
Weighted average common shares outstanding	71,036		70,726		70,965		70,870
Basic earnings per common share	$	0.75	$	0.63	$	2.25	$	1.35
Diluted EPS:
Earnings allocated to common shareholders	$	52,926	$	44,570	$	159,592	$	95,457
Weighted average common shares outstanding	71,036		70,726		70,965		70,870
Dilutive effect of equity awards	150		36		190		36
Weighted average diluted common shares outstanding	71,186		70,762		71,155		70,906
Diluted earnings per common share	$	0.74	$	0.63	$	2.24	$	1.35
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	269		596		198		487