Earnings per Common Share

3 Months Ended

Mar. 31, 2022

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
	March 31,
	2022		2021

	(in thousands except per share amounts)
Basic EPS:
Net income	$	57,522	$	51,853
Less: Earnings allocated to participating securities:

Nonvested restricted shares	46		155
Earnings allocated to common shareholders	$	57,476	$	51,698
Weighted average common shares outstanding	77,925		70,869
Basic earnings per common share	$	0.74	$	0.73
Diluted EPS:
Earnings allocated to common shareholders	$	57,476	$	51,698
Weighted average common shares outstanding	77,925		70,869
Dilutive effect of equity awards	158		240
Weighted average diluted common shares outstanding	78,083		71,109
Diluted earnings per common share	$	0.74	$	0.73
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	257		70