Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2023		2022		2023		2022
Net income available to common stockholders	$	58,314	$	27,454	$	103,903	$	92,549

Average common shares outstanding	127,104		128,313		127,145		120,420
Average potential dilutive common shares	276		407		276		407
Average diluted common shares	127,380		128,720		127,421		120,827

Basic earnings per share	$	0.46	$	0.21	$	0.82	$	0.77
Diluted earnings per share	$	0.46	$	0.21	$	0.82	$	0.77

There were 469,280 stock options excluded from the three and six months ended June 30, 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 periods. There were 6,610 stock options excluded from the earnings per share calculation for the three months ended June 30, 2022 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 average market price of the Company’s stock exceeding the related stock option exercise price during the period.