Earnings per Share

6 Months Ended

Jun. 30, 2022

Note 18—Earnings per Share

A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 986,757 and 1,557,270 shares of common stock were outstanding as of June 30, 2022 and 2021, respectively. There were 687,213 and 569,358 restricted stock awards outstanding at June 30, 2022 and 2021, respectively. For the three and six months ended June 30, 2022 and 2021, no stock options outstanding were excluded from the calculation of diluted earnings per common share.

The following represent the calculation of basic and diluted earnings per share for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	20,283	$	28,492	$	42,594	$	50,290
Less: Dividends on preferred shares		—		195		196		391
Net income available to common stockholders	$	20,283	$	28,297	$	42,398	$	49,899
Weighted-average common stock outstanding:
Weighted-average common stock outstanding (basic)		37,064,795		37,965,658		37,093,816		38,064,381
Incremental shares		547,473		730,378		646,866		708,637
Weighted-average common stock outstanding (dilutive)		37,612,268		38,696,036		37,740,682		38,773,018
Basic earnings per common share	$	0.55	$	0.75	$	1.14	$	1.31
Diluted earnings per common share	$	0.54	$	0.73	$	1.12	$	1.29