Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

The Company computes earnings per share (EPS) in accordance with FASB Accounting Standards Codification (ASC) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share.

Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period.

The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any restricted stock or RSUs become vested.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	11,361	$	19,136	$	34,824	$	62,215
Basic weighted average common shares		19,198,320		19,344,636		19,267,602		19,328,041
Basic earnings per common share	$	0.59	$	0.99	$	1.81	$	3.22
Diluted EPS:
Net income	$	11,361	$	19,136	$	34,824	$	62,215
Diluted weighted average common shares:
Weighted average common shares		19,198,320		19,344,636		19,267,602		19,328,041
Restricted stock and RSUs		71,026		63,282		73,296		64,898
Diluted weighted average common shares		19,269,346		19,407,918		19,340,898		19,392,939
Diluted earnings per common share	$	0.59	$	0.99	$	1.80	$	3.21