Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	19,136	$	23,353	$	62,215	$	58,101
Basic weighted average common shares		19,344,636		19,299,921		19,328,041		19,282,263
Basic earnings per common share	$	0.99	$	1.21	$	3.22	$	3.01
Diluted EPS:
Net income	$	19,136	$	23,353	$	62,215	$	58,101
Diluted weighted average common shares:
Weighted average common shares		19,344,636		19,299,921		19,328,041		19,282,263
Restricted stock and stock options		63,282		58,761		64,898		63,689
Diluted weighted average common shares		19,407,918		19,358,682		19,392,939		19,345,952
Diluted earnings per common share	$	0.99	$	1.21	$	3.21	$	3.00