Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 2021

EARNINGS PER SHARE (“EPS”)

Basic EPS is computed by dividing reported net income available to common stockholders by weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing reported net income available to common stockholders by the weighted average common shares and all potential dilutive common shares outstanding during the period.

The computation of earnings per share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2021		2020		2021		2020
Net income available to common stockholders	$	80,561	$	65,885	$	222,879	$	201,897

Average common shares outstanding	107,822		109,019		108,130		110,292
Average potential dilutive common shares	538		189		538		189
Average diluted common shares	108,360		109,208		108,668		110,481

Basic earnings per share	$	0.75	$	0.60	$	2.06	$	1.83
Diluted earnings per share	$	0.74	$	0.60	$	2.05	$	1.83

There were no stock options excluded from the earnings per share calculation for the three and nine months ended September 30, 2021 due to the average market price exceeding the related stock option exercise price. There were approximately 653,718 stock options excluded from the earnings per share calculation for the three and nine months ended September 30, 2020 due to the related stock option exercise price exceeding the average market price.