Earnings Per Share

6 Months Ended

Jun. 30, 2021

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 becomes vested.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	23,767	$	23,948	$	43,079	$	34,748
Basic weighted average common shares		19,327,422		19,280,684		19,319,608		19,273,347
Basic earnings per common share	$	1.23	$	1.24	$	2.23	$	1.80
Diluted EPS:
Net income	$	23,767	$	23,948	$	43,079	$	34,748
Diluted weighted average common shares:
Weighted average common shares		19,327,422		19,280,684		19,319,608		19,273,347
Restricted stock and stock options		53,189		55,023		64,470		62,401
Diluted weighted average common shares		19,380,611		19,335,707		19,384,078		19,335,748
Diluted earnings per common share	$	1.23	$	1.24	$	2.22	$	1.80