Earnings Per Common Share

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020

	(in thousands except per share amounts)
Basic EPS:
Net income	$	250,178	$	202,820	$	154,244
Less: Earnings allocated to participating securities

Nonvested restricted shares	50		330		712
Earnings allocated to common shareholders	$	250,128	$	202,490	$	153,532
Weighted average common shares outstanding	78,047		72,683		70,835
Basic earnings per common share	$	3.20	$	2.79	$	2.17
Diluted EPS:
Earnings allocated to common shareholders	$	250,128	$	202,490	$	153,532
Weighted average common shares outstanding	78,047		72,683		70,835
Dilutive effect of equity awards and warrants	146		190		45
Weighted average diluted common shares outstanding	78,193		72,873		70,880
Diluted earnings per common share	$	3.20	$	2.78	$	2.17
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive	179		212		289