Earnings Per Share

9 Months Ended

Sep. 30, 2023

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


	Three Months Ended September 30,				Nine Months Ended September 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)	$	21,741	$	17,490	$	48,729	$	40,145
Noncontrolling interest	(378)		(44)		(884)		(1,192)
Net income attributable to Amerant Bancorp Inc. (1)	$	22,119	$	17,534	$	49,613	$	41,337
Net income available to common stockholders (1)	$	22,119	$	17,534	$	49,613	$	41,337
Denominator:
Basic weighted average shares outstanding	33,489,560		33,476,418		33,537,759		33,985,856
Dilutive effect of share-based compensation awards	207,060		270,460		218,756		267,706
Diluted weighted average shares outstanding	33,696,620		33,746,878		33,756,515		34,253,562

Basic earnings per common share (1)	$	0.66	$	0.52	$	1.48	$	1.22
Diluted earnings per common share (1)	$	0.66	$	0.52	$	1.47	$	1.21

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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 September 30, 2023 and 2022, potential dilutive instruments consisted of unvested shares of restricted stock, RSUs and PSUs totaling 577,511 and 532,867, respectively. In the three and nine month periods ended September 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.