Earnings per Share

3 Months Ended

Mar. 31, 2021

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 1,568,301 and 1,865,842 shares of common stock were outstanding as of March 31, 2021 and 2020, respectively. There were 633,430 and 502,689 restricted stock awards outstanding at March 31, 2021 and 2020, respectively. For the three months ended March 31, 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 March 31,
	2021		2020
Net income	$	21,798	$	2,966
Less: Dividends on preferred shares		196		196
Net income available to common stockholders	$	21,602	$	2,770
Weighted-average common stock outstanding:
Weighted-average common stock outstanding (basic)		38,164,201		37,943,333
Incremental shares		751,281		720,325
Weighted-average common stock outstanding (dilutive)		38,915,482		38,663,658
Basic earnings per common share	$	0.57	$	0.07
Diluted earnings per common share	$	0.56	$	0.07