Earnings Per Share

6 Months Ended

Jun. 30, 2023

The following table shows the calculation of basic and diluted earnings per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share data and per share amounts)	2023		2022 (1)		2023		2022 (1)

Numerator:
Net income before attribution of noncontrolling interest (1)	$	7,046	$	8,352	$	26,988	$	22,655
Noncontrolling interest	(262)		(72)		(506)		(1,148)
Net income attributable to Amerant Bancorp Inc. (1)	$	7,308	$	8,424	$	27,494	$	23,803
Net income available to common stockholders (1)	$	7,308	$	8,424	$	27,494	$	23,803
Denominator:
Basic weighted average shares outstanding	33,564,770		33,675,930		33,562,258		34,244,797
Dilutive effect of share-based compensation awards	152,932		238,599		224,604		266,329
Diluted weighted average shares outstanding	33,717,702		33,914,529		33,786,862		34,511,126

Basic earnings per common share (1)	$	0.22	$	0.25	$	0.82	$	0.70
Diluted earnings per common share (1)	$	0.22	$	0.25	$	0.81	$	0.69

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(1)Amounts reflect the impact of the adoption of CECL effective as of January 1, 2022. See Note 1 “Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information.

As of June 30, 2023 and 2022, potential dilutive instruments consisted of unvested shares of restricted stock, RSUs and PSUs totaling 542,745 and 521,162, respectively. In the three and six month periods ended June 30, 2023 and 2022, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect on per share earnings.