Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

9. Earnings Per Common Share

The Company calculates earnings per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents.

A summary of the information used in the computation of earnings per common share follows.


	Three Months Ended
	March 31,
(in thousands, except per share data)	2022		2021
Numerator:
Net income to common shareholders	$	123,478	$	107,172
Net income allocated to participating securities - basic and diluted		1,918		2,337
Net income allocated to common shareholders - basic and diluted	$	121,560	$	104,835
Denominator:
Weighted-average common shares - basic		86,660		86,752
Dilutive potential common shares		276		53
Weighted-average common shares - diluted		86,936		86,805
Earnings per common share:
Basic	$	1.40	$	1.21
Diluted	$	1.40	$	1.21

Potential common shares consist of stock options, nonvested performance-based awards, nonvested restricted stock units, and nonvested restricted share awards deferred under the Company’s nonqualified deferred compensation plan. These potential common shares do not enter into the calculation of diluted earnings per share if the impact would be antidilutive, i.e., increase earnings per share or reduce a loss per share. For the three months ended March 31, 2022 and 2021, antidilutive potential common shares with weighted averages of 231 and 7,191, respectively, were excluded from the computation of earnings per common share.