Net Income Per Common Share

6 Months Ended

Jun. 30, 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
	June 30,
	2022		2021
Basic
Net income applicable to common stock	$	39,678	$	40,867
Average common shares outstanding	55,906,755		56,325,717
Net income per common share - basic	$	0.71	$	0.73
Diluted
Net income applicable to common stock	$	39,678	$	40,867
Average common shares outstanding	55,906,755		56,325,717
Effect of dilutive stock-based compensation	276,090		310,181
Average common shares outstanding - diluted	56,182,845		56,635,898
Net income per common share - diluted	$	0.71	$	0.72


	Six Months Ended
	June 30,
	2022		2021
Basic
Net income applicable to common stock	$	73,225	$	98,775
Average common shares outstanding	55,858,243		56,283,195
Net income per common share - basic	$	1.31	$	1.75
Diluted
Net income applicable to common stock	$	73,225	$	98,775
Average common shares outstanding	55,858,243		56,283,195
Effect of dilutive stock-based compensation	272,519		295,385
Average common shares outstanding - diluted	56,130,762		56,578,580
Net income per common share - diluted	$	1.30	$	1.75

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,
	2022	2021
Number of shares	213,953	19,929


	Six Months Ended
	June 30,
	2022	2021
Number of shares	214,203	19,929