Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2022

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 June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2022		2021		2022		2021
Net income available to common stockholders	$	27,454	$	74,911	$	92,549	$	142,318

Average common shares outstanding	128,313		108,362		120,420		108,286
Average potential dilutive common shares	407		460		407		460
Average diluted common shares	128,720		108,822		120,827		108,746

Basic earnings per share	$	0.21	$	0.69	$	0.77	$	1.31
Diluted earnings per share	$	0.21	$	0.69	$	0.77	$	1.31

There were 6,610 stock options excluded from the three months ended June 30, 2022 earnings per share calculation due to the related stock option exercise price exceeding the average market price of the Company’s stock during the period. There were no stock options excluded from the earnings per share calculation for the six months ended June 30, 2022 due to the related exercise price exceeding the average market price. There were no stock options excluded from the earnings per share calculation for the three and six months ended June 30, 2021 due to the related stock option exercise price exceeding the average market price.