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Earnings Per Share
12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

13.

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.

 

The calculation of basic and diluted EPS for the years ended December 31, 2021, 2020 and 2019 are presented below.

 

 

 

For the Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

(in thousands, except earnings per share amounts)

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income – basic

 

$

65,756

 

 

$

86,602

 

 

$

92,690

 

Basic weighted average common shares

 

 

19,332

 

 

 

19,289

 

 

 

19,249

 

Basic earnings per share

 

$

3.40

 

 

$

4.49

 

 

$

4.82

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income – diluted

 

$

65,756

 

 

$

86,602

 

 

$

92,690

 

Diluted weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

 

19,332

 

 

 

19,289

 

 

 

19,249

 

Restricted stock and stock options

 

 

77

 

 

 

75

 

 

 

80

 

Diluted weighted average common shares

 

 

19,409

 

 

 

19,364

 

 

 

19,329

 

Diluted earnings per common share

 

$

3.39

 

 

$

4.47

 

 

$

4.80

 

 

 

The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation.

 

  

 

Years Ended

 

 

 

2021

 

 

2020

 

 

2019

 

Basic weighted average common shares

 

 

19,332,391

 

 

 

19,288,996

 

 

 

19,248,657

 

Add: Other common shares eligible for common dividends:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock and stock options

 

 

76,228

 

 

 

74,813

 

 

 

80,581

 

Diluted weighted average common shares

 

 

19,408,619

 

 

 

19,363,809

 

 

 

19,329,238