Net Income Per Common Share

3 Months Ended

Mar. 31, 2021

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested and outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:


	Three Months Ended
	March 31,
	2021		2020
Basic
Net income applicable to common stock	$	57,908	$	2,008
Average common shares outstanding	56,240,201		56,534,816
Net income per common share - basic	$	1.03	$	0.04
Diluted
Net income applicable to common stock	$	57,908	$	2,008
Average common shares outstanding	56,240,201		56,534,816
Effect of dilutive stock-based compensation	278,998		171,473
Average common shares outstanding - diluted	56,519,199		56,706,289
Net income per common share - diluted	$	1.02	$	0.04

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:


	Three Months Ended
	March 31,
	2021	2020
Number of shares	1,875	236,327
Exercise prices (for stock option awards)	—	—