Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Basic earnings per common share is determined by dividing "Net income attributable to controlling interest" by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share includes the dilutive effect of common stock equivalents, consisting of restricted stock units, performance stock units and stock held in the Company's supplemental executive retirement plan, using the treasury stock method. Performance stock units, which are considered contingently issuable, are considered dilutive when the related performance criterion has been met.

The following table sets forth a reconciliation of the number of shares used in the computation of basic and diluted earnings per common share:


	Three Months Ended March 31,
	2023	2022
Denominator:
Denominator for basic earnings per common share	22,655,821	22,782,476
Effect of dilutive securities	87,116	121,691
Denominator for diluted earnings per common share	22,742,937	22,904,167

Antidilutive securities excluded from the calculation of diluted earnings per share	63,949	—