Earnings per Common Share

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021

	(in thousands except per share amounts)
Basic EPS:
Net income	$	64,942	$	53,017	$	181,272	$	159,909
Less: Earnings allocated to participating securities:

Nonvested restricted shares	—		91		49		317
Earnings allocated to common shareholders	$	64,942	$	52,926	$	181,223	$	159,592
Weighted average common shares outstanding	78,100		71,036		78,027		70,965
Basic earnings per common share	$	0.83	$	0.75	$	2.32	$	2.25
Diluted EPS:
Earnings allocated to common shareholders	$	64,942	$	52,926	$	181,223	$	159,592
Weighted average common shares outstanding	78,100		71,036		78,027		70,965
Dilutive effect of equity awards	133		150		115		190
Weighted average diluted common shares outstanding	78,233		71,186		78,142		71,155
Diluted earnings per common share	$	0.83	$	0.74	$	2.32	$	2.24
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	165		269		378		198