Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 2023

EARNINGS PER SHARE (“EPS”)

Basic EPS is computed by dividing reported net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing reported net income available to common stockholders by the weighted average common shares and all potential dilutive common shares outstanding during the period.

The computation of earnings per share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2023		2022		2023		2022
Net income available to common stockholders	$	47,247	$	80,603	$	151,150	$	173,152

Average common shares outstanding	125,914		127,884		126,730		122,935
Average potential dilutive common shares	370		452		370		452
Average diluted common shares	126,284		128,336		127,100		123,387

Basic earnings per share	$	0.38	$	0.63	$	1.19	$	1.41
Diluted earnings per share	$	0.37	$	0.63	$	1.19	$	1.40

There were 469,280 stock options excluded from the three and nine months ended September 30, 2023 earnings per share calculations due to the related stock option exercise price exceeding the average market price of the Company’s stock during the periods. There were 99,837 stock options excluded from the earnings per share calculation for the three months ended September 30, 2022 due to the related stock option exercise price exceeding the average market price of the Company’s stock during the period. There were no stock options excluded from the earnings per share calculation for the nine months ended September 30, 2022 due to the average market price of the Company’s stock exceeding the related stock option exercise price during the period.