Earnings Per Share

3 Months Ended

Mar. 31, 2020

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 outstanding options were exercised or restricted stock becomes vested.

	Three Months Ended
	March 31,
	2020		2019
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	10,800	$	19,400
Basic weighted average common shares		19,266,016		19,229,134
Basic earnings per common share	$	0.56	$	1.01
Diluted EPS:
Net income	$	10,800	$	19,400
Diluted weighted average common shares:
Weighted average common shares		19,266,016		19,229,134
Stock options and restricted stock		86,229		68,902
Diluted weighted average common shares		19,352,245		19,298,036
Diluted earnings per common share	$	0.56	$	1.01