Earnings Per Share

12 Months Ended

Dec. 31, 2022

The Company uses the two class method to compute earnings per common share. Participating securities include non-vested restricted stock and non-vested restricted stock units. The following tables present the computation of basic and diluted earnings per share for the periods presented.


Year Ended December 31, 2022	Income (Numerator)		Shares (Denominator)	Per Share Amount
(in thousands, except per share amounts)
Basic earnings per share
Net income available to common shareholders	$	107,369	64,624	$	1.66
Less: earnings allocated to participating securities	1,236		—	0.02
Net income available to common shareholders	106,133		64,624	1.64
Effect of dilutive securities
Stock options and restricted stock	—		294	0.01
Diluted earnings per share
Net income available to common shareholders plus assumed conversions	$	106,133	64,918	$	1.63


Year Ended December 31, 2021	Income (Numerator)		Shares (Denominator)	Per Share Amount
(in thousands, except per share amounts)
Basic earnings per share
Net income available to common shareholders	$	95,041	50,624	$	1.87
Less: earnings allocated to participating securities	1,142		—	0.02
Net income available to common shareholders	93,899		50,624	1.85
Effect of dilutive securities
Stock options and restricted stock	—		246	—
Diluted earnings per share
Net income available to common shareholders plus assumed conversions	$	93,899	50,870	$	1.85


Year Ended December 31, 2020	Income (Numerator)		Shares (Denominator)	Per Share Amount
(in thousands, except per share amounts)
Basic earnings per share
Net income available to common shareholders	$	57,518	50,540	$	1.14
Less: earnings allocated to participating securities	511		—	0.01
Net income available to common shareholders	57,007		50,540	1.13
Effect of dilutive securities
Stock options and restricted stock	—		110	—
Diluted earnings per share
Net income available to common shareholders plus assumed conversions	$	57,007	50,650	$	1.13

There were no antidilutive options to purchase common stock to be excluded from the above computations.