EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

EARNINGS PER SHAREBasic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options and warrants were exercised, stock units were vested, and ESPP shares were issued.

Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):


	Years Ended December 31,
		2022		2021		2020
Net income		$	128,311	$	123,449	$	100,344

Weighted average number of common shares outstanding, basic		55,387,073		55,369,476		54,567,429
Dilutive effect of common stock equivalents:
Options		1,632		1,639		900
Warrants		1,753		1,753		1,469
RSU awards		665,998		615,759		252,153
PSU awards		58,206		5,429		—
DSU awards		15,532		10,641		4,988
ESPP		6,970		4,108		—
Weighted average number of common shares outstanding, diluted		56,137,164		56,008,805		54,826,939

Basic earnings per common share		$	2.32	$	2.23	$	1.84
Diluted earnings per common share		2.29		2.20		1.83

Average shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:


	Years Ended December 31,
		2022	2021	2020
Anti-dilutive common stock equivalents
Options		7,792	—	39,085

RSU awards		38,912	65,058	159,408
PSU awards		189,000	93,026	7,862
DSU awards		—	7,742	—
Total anti-dilutive common stock equivalents		235,704	165,826	206,355