Shareholders' Equity and Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity and Earnings Per Common Share

Shareholders’ Equity and Earnings Per Common Share

On December 20, 2022, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 1,100,000 shares of our outstanding common stock through December 31, 2023. Shares would be repurchased through open market transactions, though we could execute repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of our common stock, regulatory requirements, potential alternative uses for capital, and our financial performance. During the six month periods ended June 30, 2023 and 2022 repurchases were made totaling 200,000 shares and 181,586 shares of common stock, for an aggregate purchase price of $3.3 million and $4.0 million, respectively.

A reconciliation of basic and diluted net income per common share follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands, except per share data)
Net income	$	14,790	$	13,001	$	27,781	$	30,968
Weighted average shares outstanding (1)	21,041		21,070		21,072		21,131
Stock units for deferred compensation plan for non-employee directors	156		133		154		131
Effect of stock options	8		42		14		49
Performance share units	18		21		20		23
Weighted average shares outstanding for calculation of diluted earnings per share	21,223		21,266		21,260		21,334
Net income per common share
Basic (1)	$	0.70	$	0.62	$	1.32	$	1.47
Diluted	$	0.70	$	0.61	$	1.31	$	1.45

(1)Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards.

Weighted average stock options outstanding that were not considered in computing diluted net income per common share because they were anti-dilutive were zero for the three and six month periods ended June 30, 2023 and 2022, respectively.