Earnings Per Share

6 Months Ended

Jun. 30, 2020

Note 4. Earnings Per Share

The Company calculates earnings per share under ASC 260, “Earnings Per Share”. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.

The following tables show the Company’s earnings per share for the periods presented:



	For the three months ended
	June 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 20,283	57,489,719	$ 0.35
Effect of dilutive securities
Common stock options and restricted stock units	-	310,396	-
Diluted earnings per share
Net earnings available to common shareholders	$ 20,283	57,800,115	$ 0.35



	For the three months ended
	June 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic loss per share from discontinued operations
Net loss available to common shareholders	$ (215)	57,489,719	$ -
Effect of dilutive securities
Common stock options and restricted stock units	-	310,396	-
Diluted loss per share
Net loss available to common shareholders	$ (215)	57,800,115	$ -



	For the three months ended
	June 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 20,068	57,489,719	$ 0.35
Effect of dilutive securities
Common stock options and restricted stock units	-	310,396	-
Diluted earnings per share
Net earnings available to common shareholders	$ 20,068	57,800,115	$ 0.35

Stock options for 488,500 shares, exercisable at prices between $6.75 and $7.36 per share, were outstanding at June 30, 2020, and included in the dilutive earnings per share computation. Stock options for 894,104 were anti-dilutive and not included in the earnings per share calculation.



	For the six months ended
	June 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount
	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 33,444	57,355,282	$ 0.58
Effect of dilutive securities
Common stock options and restricted stock units	-	501,509	-
Diluted earnings per share
Net earnings available to common shareholders	$ 33,444	57,856,791	$ 0.58



	For the six months ended
	June 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount
	(dollars in thousands except share and per share data)
Basic loss per share from discontinued operations
Net loss available to common shareholders	$ (785)	57,355,282	$ (0.01)
Effect of dilutive securities
Common stock options and restricted stock units	-	501,509	-
Diluted loss per share
Net loss available to common shareholders	$ (785)	57,856,791	$ (0.01)



	For the six months ended
	June 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 32,659	57,355,282	$ 0.57
Effect of dilutive securities
Common stock options and restricted stock units	-	501,509	-
Diluted earnings per share
Net earnings available to common shareholders	$ 32,659	57,856,791	$ 0.57

Stock options for 691,500 shares, exercisable at prices between $6.75 and $8.50 per share, were outstanding at June 30, 2020, and included in the dilutive earnings per share computation. Stock options for 691,104 were anti-dilutive and not included in the earnings per share calculation.



	For the three months ended
	June 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 10,594	56,702,182	$ 0.19
Effect of dilutive securities
Common stock options and restricted stock units	-	495,251	-
Diluted earnings per share
Net earnings available to common shareholders	$ 10,594	57,197,433	$ 0.19



	For the three months ended
	June 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$ 756	56,702,182	$ 0.01
Effect of dilutive securities
Common stock options and restricted stock units	-	495,251	-
Diluted earnings per share
Net earnings available to common shareholders	$ 756	57,197,433	$ 0.01



	For the three months ended
	June 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 11,350	56,702,182	$ 0.20
Effect of dilutive securities
Common stock options and restricted stock units	-	495,251	-
Diluted earnings per share
Net earnings available to common shareholders	$ 11,350	57,197,433	$ 0.20

Stock options for 984,104 shares, exercisable at prices between $6.75 and $8.57 per share, were outstanding at June 30, 2019, and included in the dilutive earnings per shares computation shares because the exercise price per share was less than the average market price. Stock options for 357,500 were anti-dilutive and not included in the earnings per share calculation.



	For the six months ended
	June 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 28,005	56,612,596	$ 0.50
Effect of dilutive securities
Common stock options and restricted stock units	-	418,610	(0.01)
Diluted earnings per share
Net earnings available to common shareholders	$ 28,005	57,031,206	$ 0.49



	For the six months ended
	June 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$ 1,275	56,612,596	$ 0.02
Effect of dilutive securities
Common stock options and restricted stock units	-	418,610	-
Diluted earnings per share
Net earnings available to common shareholders	$ 1,275	57,031,206	$ 0.02



	For the six months ended
	June 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 29,280	56,612,596	$ 0.52
Effect of dilutive securities
Common stock options and restricted stock units	-	418,610	(0.01)
Diluted earnings per share
Net earnings available to common shareholders	$ 29,280	57,031,206	$ 0.51

Stock options for 984,104 shares, exercisable at prices between $6.75 and $8.57 per share, were outstanding at June 30, 2019, and included in dilutive earnings per share computation shares because the exercise price per share was less than the average market price. Stock price for 357,500 anti-dilutive and not included in the earnings per share calculation.