Net Income Per Common Share

6 Months Ended

Jun. 30, 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
	June 30,
	2021		2020
Basic
Net income applicable to common stock	$	40,867	$	20,130
Average common shares outstanding	56,325,717		56,165,452
Net income per common share - basic	$	0.73	$	0.36
Diluted
Net income applicable to common stock	$	40,867	$	20,130
Average common shares outstanding	56,325,717		56,165,452
Effect of dilutive stock-based compensation	310,181		160,024
Average common shares outstanding - diluted	56,635,898		56,325,476
Net income per common share - diluted	$	0.72	$	0.36



	Six Months Ended
	June 30,
	2021		2020
Basic
Net income applicable to common stock	$	98,775	$	22,138
Average common shares outstanding	56,283,195		56,350,134
Net income per common share - basic	$	1.75	$	0.39
Diluted
Net income applicable to common stock	$	98,775	$	22,138
Average common shares outstanding	56,283,195		56,350,134
Effect of dilutive stock-based compensation	295,385		164,465
Average common shares outstanding - diluted	56,578,580		56,514,599
Net income per common share - diluted	$	1.75	$	0.39

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
	June 30,
	2021	2020
Number of shares	19,929	264,183
Exercise prices (for stock option awards)	—	—



	Six Months Ended
	June 30,
	2021	2020
Number of shares	19,929	247,093
Exercise prices (for stock option awards)	—	—