Earnings per Share

12 Months Ended

Dec. 31, 2023

Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock.

Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the years ended December 31, 2023, 2022, and 2021:


	December 31,
	2023		2022		2021
	(In thousands, except per share data)

Net income	$	36,086	$	86,173	$	92,049
Shares:
Weighted average shares outstanding - basic	102,656,388		105,580,823		104,156,112
Weighted average diluted shares outstanding	238,581		612,338		—
Weighted average shares outstanding - diluted	102,894,969		106,193,161		104,156,112
Earnings per share:
Basic	$	0.35	$	0.82	$	0.88
Diluted	$	0.35	$	0.81	$	0.88

For the years ended December 31, 2023, 2022, and 2021, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 704,526, 129,049, and 3,726,249 respectively.