Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2023

EARNINGS PER SHARE (“EPS”)

Basic EPS is computed by dividing reported net income available to common stockholders by the 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 March 31,
(In thousands, except per share data)	2023		2022
Net income available to common stockholders	$	45,589	$	65,095

Average common shares outstanding	127,186		112,439
Average potential dilutive common shares	330		588
Average diluted common shares	127,516		113,027

Basic earnings per share	$	0.36	$	0.58
Diluted earnings per share	$	0.36	$	0.58

There were 422,180 stock options excluded from the three months ended March 31, 2023 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 three months ended March 31, 2022 due to the average market price of the Company’s stock exceeding the related stock option exercise price.