Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

10. 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)	2024		2023
Numerator:
Net income to common shareholders	$	108,612	$	126,467
Net income allocated to participating securities - basic and diluted		784		1,358
Net income allocated to common shareholders - basic and diluted	$	107,828	$	125,109
Denominator:
Weighted-average common shares - basic		86,521		86,018
Dilutive potential common shares		205		264
Weighted-average common shares - diluted		86,726		86,282
Earnings per common share:
Basic	$	1.25	$	1.45
Diluted	$	1.24	$	1.45

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 43,493 for the three months ended March 31, 2024, and 34,157 for the three months ended March 31, 2023, did not enter the calculation of diluted earnings per share as the impact would have been anti-dilutive.