Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

NOTE 3. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:


	For the Years Ended December 31,
(in thousands, except shares and per share amounts)	2021		2020		2019
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	232,135	$	119,400	$	158,873
Denominator:
Total average basic common shares outstanding		65,520,527		67,260,796		56,108,084
Effect of dilutive stock options and other stock compensation		149,443		49,788		106,280
Total diluted average common shares outstanding		65,669,970		67,310,584		56,214,364
Earnings per common share—basic	$	3.54	$	1.78	$	2.83
Earnings per common share—diluted		3.53		1.77		2.83

As of December 31, 2021, 2020 and 2019, respectively, 412,131, 497,540 and 364,391 options to purchase shares were excluded in the diluted shares computation because the exercise price was greater than the average market price of the common shares and, therefore, the effect would be antidilutive.

As of December 31, 2021, 2020 and 2019, no shares related to the total shareholder return plans were included in the calculation because the effect would be antidilutive. In addition, performance-based restricted stock compensation totaling 61,267 and 25,616 shares were estimated to be awarded as of December 31, 2021 and December 31, 2019, respectively. No performance-based restricted stock compensation was estimated to be awarded at December 31, 2020.

On November 22, 2019, Wesbanco issued 13,351,837 shares of common stock to complete its acquisition of OLBK and granted 34,998 shares of restricted stock to certain OLBK employees. These shares are included in average shares outstanding beginning on that date. For additional information relating to the OLBK acquisition, refer to Note 2, “Mergers and Acquisitions.”