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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Common Share

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

($ in thousands, except per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income to common shareholders

 

$

97,738

 

 

$

135,389

 

 

$

341,999

 

 

$

380,302

 

Net income allocated to participating securities - basic and diluted

 

 

992

 

 

 

2,014

 

 

 

3,574

 

 

 

5,776

 

Net income allocated to common shareholders - basic and diluted

 

$

96,746

 

 

$

133,375

 

 

$

338,425

 

 

$

374,526

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares - basic

 

 

86,131

 

 

 

85,706

 

 

$

86,082

 

 

$

86,141

 

Dilutive potential common shares

 

 

306

 

 

 

314

 

 

 

286

 

 

 

298

 

Weighted-average common shares - diluted

 

 

86,437

 

 

 

86,020

 

 

$

86,368

 

 

$

86,439

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.12

 

 

$

1.56

 

 

$

3.93

 

 

$

4.35

 

Diluted

 

$

1.12

 

 

$

1.55

 

 

$

3.92

 

 

$

4.33

 

Potential common shares consist of stock options, nonvested performance-based awards, nonvested restricted stock units, and 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. Potential common shares with weighted averages totaling 97,558 and 109,801 for the three and nine months ended September 30, 2023, respectively, and 2,212 and 5,671 for the three and nine months ended September 30, 2022, respectively, did not enter the calculation of diluted earnings per share as the impact would have been anti-dilutive.