Earnings Per Common Share

3 Months Ended

Mar. 31, 2021

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:

	For the Three Months Ended March 31,
(unaudited, in thousands, except shares and per share amounts)	2021		2020
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	70,584	$	23,396
Denominator:
Total average basic common shares outstanding		67,263,714		67,486,550
Effect of dilutive stock options and other stock compensation		91,704		100,896
Total diluted average common shares outstanding		67,355,418		67,587,446
Earnings per common share - basic	$	1.05	$	0.35
Earnings per common share - diluted	$	1.05	$	0.35

As of March 31, 2021 and 2020, respectively, 393,961 and 510,186 options to purchase shares were not included in the computation of net income per diluted share for the three months ended March 31, 2021 and 2020 because the exercise price was greater than the average market price of a common share, therefore, the effect would be antidilutive.

As of March 31, 2021 and 2020, shares related to the 2020 and 2019 total shareholder return plans were not included in the calculation because the effect would be antidilutive.

In addition, no performance-based restricted stock was estimated to be awarded as of March 31, 2021 and therefore, was not included in the diluted calculation. As of March 31, 2020, 25,618 shares were estimated to be awarded and those shares were included in the diluted calculation for the three months ended March 31, 2020.