EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE I – EARNINGS PER SHARE

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

	Three Months Ended March 31
	2023		2022
	(in thousands, except share and per share data)
Basic
Numerator:
Net income from continuing operations	$	18,847	$	68,008
Net income from discontinued operations		52,436		1,561
Net income	$	71,283	$	69,569
Denominator:
Weighted-average shares		24,288,138		24,710,685
Basic earnings per common share
Continuing operations	$	0.78	$	2.75
Discontinued operations		2.16		0.06
Total basic earnings per common share(1)	$	2.93	$	2.82
Diluted
Numerator:
Net income from continuing operations	$	18,847	$	68,008
Net income from discontinued operations		52,436		1,561
Net income	$	71,283	$	69,569
Denominator:
Weighted-average shares		24,288,138		24,710,685
Effect of dilutive securities		769,588		1,200,515
Adjusted weighted-average shares and assumed conversions		25,057,726		25,911,200
Diluted earnings per common share
Continuing operations	$	0.75	$	2.62
Discontinued operations		2.09		0.06
Total diluted earnings per common share(1)	$	2.84	$	2.68

(1) Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding.