Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Common Share

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 indicated:


	Years Ended December 31,
	2021		2020		2019

	(in thousands except per share amounts)
Basic EPS:
Net income	$	202,820	$	154,244	$	194,451
Less: Earnings allocated to participating securities

Nonvested restricted shares	330		712		1,530
Earnings allocated to common shareholders	$	202,490	$	153,532	$	192,921
Weighted average common shares outstanding	72,683		70,835		71,999
Basic earnings per common share	$	2.79	$	2.17	$	2.68
Diluted EPS:
Earnings allocated to common shareholders	$	202,490	$	153,532	$	192,921
Weighted average common shares outstanding	72,683		70,835		71,999
Dilutive effect of equity awards and warrants	190		45		33
Weighted average diluted common shares outstanding	72,873		70,880		72,032
Diluted earnings per common share	$	2.78	$	2.17	$	2.68
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	212		289		8