Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Net income available to common stockholders	$	40,763	$	58,314	$	79,634	$	103,903

Average common shares outstanding	125,469		127,104		125,404		127,145
Average potential dilutive common shares	289		276		289		276
Average diluted common shares	125,758		127,380		125,693		127,421

Basic earnings per share	$	0.32	$	0.46	$	0.64	$	0.82
Diluted earnings per share	$	0.32	$	0.46	$	0.63	$	0.82

There were 410,490 stock options excluded from the three and six months ended June 30, 2024 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 469,280 stock options excluded from the earnings per share calculation for the three and six months ended June 30, 2023 due to the related stock option exercise price exceeding the average market price of the Company’s stock during the periods.