Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Per Common Share

Earnings Per Common Share

Note 12:  Earnings Per Common Share

Basic 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):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	29,824	$	29,766	$	58,263	$	67,582
Weighted average number of common shares outstanding, basic		55,421,887		55,050,071		55,424,776		54,762,563
Dilutive effect of common stock equivalents:
Options		—		2,806		2,284		1,453
Warrants		1,686		1,789		1,770		1,746
RSU awards		655,368		667,181		679,471		614,660
PSU awards		14,534		2,888		15,456		1,444
DSU awards		3,039		6,148		16,206		3,076
ESPP		7,503		—		9,503		—
Weighted average number of common shares outstanding, diluted		56,104,017		55,730,883		56,149,466		55,384,942
Basic earnings per common share	$	0.54	$	0.54	$	1.05	$	1.23
Diluted earnings per common share	$	0.53	$	0.53	$	1.04	$	1.22

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:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Anti-dilutive common stock equivalents
Options		31,166		—		15,583		—
RSU awards		155,649		—		77,824		106,213
PSU awards		278,472		86,080		259,962		100,482
DSU awards		—		—		—		15,485
Total anti-dilutive common stock equivalents		465,287		86,080		353,369		222,180