Earnings Per Share ("EPS")

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2024		2023		2024		2023
Net income available to common stockholders	$	24,740	$	47,247	$	104,374	$	151,150

Average common shares outstanding	125,538		125,914		125,449		126,730
Average potential dilutive common shares	461		370		461		370
Average diluted common shares	125,999		126,284		125,910		127,100

Basic earnings per share	$	0.20	$	0.38	$	0.83	$	1.19
Diluted earnings per share	$	0.20	$	0.37	$	0.83	$	1.19

There were 371,790 stock options excluded from the three and nine months ended September 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 nine months ended September 30, 2023 due to the related stock option exercise price exceeding the average market price of the Company’s stock during the periods.