Earnings Per Share

12 Months Ended

Dec. 31, 2021

Basic earnings per share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents calculated for stock options and performance restricted stock outstanding using the treasury stock method.

In 2021 no options to purchase shares of the Company's common stock were antidilutive. In 2020 and 2019, options to purchase 508,000, and 491,000 shares, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share.


	For the Year Ended December 31,
(In thousands, except per share data)	2021		2020		2019
Basic earnings per share
Net Income	$	124,403	$	77,764	$	98,739
Total weighted average common stock outstanding	56,586		53,502		51,449
Net income per share	$	2.20	$	1.45	$	1.92

Diluted earnings per share
Net Income	$	124,403	$	77,764	$	98,739

Total weighted average common stock outstanding	56,586		53,502		51,449
Add: Dilutive effect of employee restricted stock and stock options (See “Note 10 - Employee Benefits and Stock Compensation”)	502		428		580
Total weighted average diluted stock outstanding	57,088		53,930		52,029
Net income per share	$	2.18	$	1.44	$	1.90
Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented.