Net Income Per Common Share

3 Months Ended

Mar. 31, 2022

(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, 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,
	2022		2021
Basic
Net income applicable to common stock	$	33,547	$	57,908
Average common shares outstanding	55,809,192		56,240,201
Net income per common share - basic	$	0.60	$	1.03
Diluted
Net income applicable to common stock	$	33,547	$	57,908
Average common shares outstanding	55,809,192		56,240,201
Effect of dilutive stock-based compensation	272,671		278,998
Average common shares outstanding - diluted	56,081,863		56,519,199
Net income per common share - diluted	$	0.60	$	1.02

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,
	2022	2021
Number of shares	2,200	1,875