Earnings Per Common Share (Notes)

3 Months Ended

Mar. 31, 2021

Earnings per Common Share

Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflect the potential dilution that could occur if the Company's outstanding restricted stock units were vested. The dilutive effect was computed using the treasury stock method, which assumes all stock-based awards were exercised and the hypothetical proceeds from exercise were used by the Company to purchase common stock at the average market price during the period. The incremental shares, to the extent they would have been dilutive, were included in the denominator of the diluted earnings per common share calculation. The calculations of earnings per common share and diluted earnings per common share for the three months ended March 31, 2021 and 2020 are presented in the following table.


	Three Months Ended March 31,
(in thousands, except per share data)		2021		2020
Net income		$	11,752	$	8,089

Weighted average common shares outstanding		16,475		16,386
Weighted average effect of restricted stock units outstanding		226		131
Diluted weighted average common shares outstanding		16,701		16,517

Basic earnings per common share		$	0.71	$	0.49
Diluted earnings per common share		$	0.70	$	0.49
Number of anti-dilutive common stock equivalents excluded from diluted earnings per share computation		67		157