Net Income Per Common Share

9 Months Ended

Sep. 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
	September 30,
	2022		2021
Basic
Net income applicable to common stock	$	46,567	$	40,063
Average common shares outstanding	55,947,214		56,146,285
Net income per common share - basic	$	0.83	$	0.71
Diluted
Net income applicable to common stock	$	46,567	$	40,063
Average common shares outstanding	55,947,214		56,146,285
Effect of dilutive stock-based compensation	301,506		300,899
Average common shares outstanding - diluted	56,248,720		56,447,184
Net income per common share - diluted	$	0.83	$	0.71


	Nine Months Ended
	September 30,
	2022		2021
Basic
Net income applicable to common stock	$	119,792	$	138,838
Average common shares outstanding	55,888,226		56,237,056
Net income per common share - basic	$	2.14	$	2.47
Diluted
Net income applicable to common stock	$	119,792	$	138,838
Average common shares outstanding	55,888,226		56,237,056
Effect of dilutive stock-based compensation	281,660		296,038
Average common shares outstanding - diluted	56,169,886		56,533,094
Net income per common share - diluted	$	2.13	$	2.46

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,
	2022	2021
Number of shares	9,750	19,929


	Nine Months Ended
	September 30,
	2022	2021
Number of shares	19,750	19,929