Net Income Per Common Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

(In Thousands, Except Share and Per 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,
	2025		2024
Basic
Net income applicable to common stock	$	41,518	$	39,409
Average common shares outstanding	63,666,419		56,208,348
Net income per common share - basic	$	0.65	$	0.70
Diluted
Net income applicable to common stock	$	41,518	$	39,409
Average common shares outstanding	63,666,419		56,208,348
Effect of dilutive stock-based compensation	361,606		322,730
Average common shares outstanding - diluted	64,028,025		56,531,078
Net income per common share - diluted	$	0.65	$	0.70

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,
	2025	2024
Number of shares	500	78,296