Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(unaudited, in thousands, except shares and per share amounts)	2022		2021		2022		2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	40,217	$	68,057	$	81,807	$	138,641
Denominator:
Total average basic common shares outstanding		60,036,103		66,894,398		60,736,858		67,078,036
Effect of dilutive stock options and other stock compensation		149,104		172,194		162,412		161,512
Total diluted average common shares outstanding		60,185,207		67,066,592		60,899,270		67,239,548
Earnings per common share - basic	$	0.67	$	1.02	$	1.35	$	2.07
Earnings per common share - diluted	$	0.67	$	1.01	$	1.34	$	2.06

As of June 30, 2022 and 2021, respectively, 524,211 and 501,441 options to purchase shares were not included in the diluted share computation for the three months ended June 30, 2022 and 2021, respectively, because the exercise price was greater than the average market price of a common share, and, therefore, the effect would be antidilutive. As of June 30, 2022 and 2021, respectively, 524,211 and 540,661 options to purchase shares were not included in the diluted share computation for the six months ended June 30, 2022 and 2021, respectively, because the exercise price was greater than the average market price of a common share, and, therefore, the effect would be antidilutive.

As of June 30, 2022, 34,656 contingently issuable shares were estimated to be awarded under the 2022 and 2021 total shareholder return ("TSR") plans, as stock performance targets had been met as of such date and therefore those shares were included in the diluted calculation. As of June 30, 2022, the shares related to the 2020 TSR plan were not included in the calculation because they had not met performance measures and the effect would be antidilutive. As of June 30, 2021, 14,640 shares related to the 2021 TSR plan were included in the calculation, but no shares related to the 2020 and 2019 TSR plans were included in the calculation because the effect would be antidilutive.

In addition, performance-based restricted stock ("PBRS") compensation totaling 62,314 and 61,267 shares were estimated to be awarded as of June 30, 2022 and June 30, 2021, respectively, and are included in the diluted calculation.