Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share

Earnings Per Share

Note 11 — Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during each period, excluding non-vested restricted shares. Our diluted earnings per share is based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted stock units. Stock options and unvested restricted stock units are considered common stock equivalents and are only included in the calculation of diluted earnings per common share when their effect is dilutive.

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars and shares in thousands, except for per share amounts)	2024		2023		2024		2023
Basic earnings per common share:
Net income	$	132,370	$	123,447	$	247,426	$	263,373
Weighted-average basic common shares		76,251		76,058		76,276		75,981
Basic earnings per common share	$	1.74	$	1.62	$	3.24	$	3.47
Diluted earnings per common share:
Net income	$	132,370	$	123,447	$	247,426	$	263,373
Weighted-average basic common shares		76,251		76,058		76,276		75,981
Effect of dilutive securities		356		360		354		413
Weighted-average dilutive shares		76,607		76,418		76,630		76,394
Diluted earnings per common share	$	1.73	$	1.62	$	3.23	$	3.45

The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method as follows:

	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
Number of shares					57,169					58,247					57,169					57,169
Range of exercise prices	$	87.30	to	$	91.35	$	69.48	to	$	91.35	$	87.30	to	$	91.35	$	87.30	to	$	91.35