Net Income Per Common Share

9 Months Ended

Sep. 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
	September 30,
	2021		2020
Basic
Net income applicable to common stock	$	40,063	$	29,992
Average common shares outstanding	56,146,285		56,185,884
Net income per common share - basic	$	0.71	$	0.53
Diluted
Net income applicable to common stock	$	40,063	$	29,992
Average common shares outstanding	56,146,285		56,185,884
Effect of dilutive stock-based compensation	300,899		200,269
Average common shares outstanding - diluted	56,447,184		56,386,153
Net income per common share - diluted	$	0.71	$	0.53



	Nine Months Ended
	September 30,
	2021		2020
Basic
Net income applicable to common stock	$	138,838	$	52,130
Average common shares outstanding	56,237,056		56,294,984
Net income per common share - basic	$	2.47	$	0.93
Diluted
Net income applicable to common stock	$	138,838	$	52,130
Average common shares outstanding	56,237,056		56,294,984
Effect of dilutive stock-based compensation	296,038		173,593
Average common shares outstanding - diluted	56,533,094		56,468,577
Net income per common share - diluted	$	2.46	$	0.92

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
	September 30,
	2021	2020
Number of shares	19,929	237,212
Exercise prices (for stock option awards)	—	—



	Nine Months Ended
	September 30,
	2021	2020
Number of shares	19,929	255,448
Exercise prices (for stock option awards)	—	—