Earnings Per Share

3 Months Ended

Mar. 31, 2023

7.	Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted EPS for the periods presented in the unaudited interim consolidated statements of income:

	Three Months Ended March 31,
(In thousands, except per share data)	2023		2022
Basic EPS:
Weighted average common shares outstanding		42,894		43,141
Net income available to common stockholders	$	33,658	$	39,126
Basic EPS	$	0.78	$	0.91

Diluted EPS:
Weighted average common shares outstanding		42,894		43,141
Dilutive effect of common stock options and restricted stock		232		244
Weighted average common shares and common share equivalents		43,126		43,385
Net income available to common stockholders	$	33,658	$	39,126
Diluted EPS	$	0.78	$	0.90

There was a nominal number of weighted average stock options outstanding for the three months ended March 31, 2023 and March 31, 2022, that were not considered in the calculation of diluted EPS since the stock options’ exercise prices were greater than the average market price during these periods.