Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

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)	2021		2020		2021		2020
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	68,057	$	4,488	$	138,641	$	27,884
Denominator:
Total average basic common shares outstanding		66,894,398		67,104,628		67,078,036		67,295,589
Effect of dilutive stock options and other stock compensation		172,194		77,127		161,512		114,871
Total diluted average common shares outstanding		67,066,592		67,181,755		67,239,548		67,410,460
Earnings per common share - basic	$	1.02	$	0.07	$	2.07	$	0.41
Earnings per common share - diluted	$	1.01	$	0.07	$	2.06	$	0.41

As of June 30, 2021 and 2020, respectively, 501,441 and 567,685 options to purchase shares were not included in the computation of net income per diluted share for the three months ended June 30, 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 June 30, 2021 and 2020, respectively, 540,661 and 538,761 options to purchase shares were not included in the computation of net income per diluted share for the six months ended June 30, 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 June 30, 2021, 14,640 shares related to the 2021 total shareholder return plan were included in the calculation, but no shares from the 2020 and 2019 plans were included because the effect would be antidilutive. As of June 30, 2020, no shares related to the 2020, 2019 and 2018 total shareholder return plans were included in the calculation because the effect would be antidilutive.

In addition, performance-based restricted stock totaling 61,267 and 46,530 shares were estimated to be awarded as of June 30, 2021 and June 30, 2020, respectively, and are included in the diluted calculation.