Earnings Per Share

9 Months Ended

Sep. 30, 2026

EARNINGS PER SHARE

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2026		2025		2026		2025
Net income available to common stockholders	$	41,506	$	44,297	$	129,920	$	143,767

Weighted average common shares outstanding	36,055		37,015		36,464		36,983
Additional dilutive common stock equivalents	304		318		264		290
Weighted average common diluted shares outstanding	36,359		37,333		36,728		37,273

Basic earnings per common share:	$	1.15	$	1.20	$	3.56	$	3.89
Diluted earnings per common share:	1.14		1.19		3.54		3.86

For the three and nine months ended September 30, 2026, common stock equivalents of approximately 117,000 and 150,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 115,000 and 225,000 common stock equivalents excluded in the three and nine months ended September 30, 2025.