Earnings Per Share

12 Months Ended

Dec. 31, 2022

Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. During the year ended December 31, 2022, 1,950,847 stock options were not included in the computation of diluted earnings per share because the stock options’ exercise price was more than the average market price of the common shares of $13.79. During the year ended December 31, 2021, 2,146,897 stock options were not included in the computation of diluted earnings per share because the stock options’ exercise price was more than the average market price of the common shares of $13.80. During the year ended December 31, 2020, 4,677,841 stock options were not included in the computation of diluted earnings per share because the stock options’ exercise price was more than the average market price of the common shares of $11.54.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2022, 2021 and 2020.


	Years ended December 31,
	2022		2021	2020
Net income	$	133,666	154,323	74,854
Less: Dividends and undistributed earnings allocated to participating securities	585		1,010	—
Net income available to common shareholders	$	133,081	153,313	74,854

Weighted average common shares outstanding (1)	126,167,892		126,181,586	120,244,474
Add: Participating shares outstanding (1)	556,201		828,251	—
Total weighted average common shares and dilutive potential shares (1)	126,724,093		127,009,837	120,244,474

Basic earnings per share (1)	$	1.05	1.22	0.62

Diluted earnings per share (1)	$	1.05	1.21	0.62

(1) Not in thousands.