Shareholders' Equity and Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

Shareholders' Equity and Earnings Per Common Share [Abstract]

Shareholders' Equity and Earnings Per Common Share

5. Shareholders’ Equity and Earnings Per Common Share

In December, 2018, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 5% of our outstanding common stock through December 31, 2019.  In May 2019, we completed the repurchase of 5% of our outstanding common shares.  In June 2019, our Board of Directors authorized a 300,000 share expansion of the 2019 repurchase plan.  We expect to accomplish any remaining repurchases 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. The Repurchase Plan does not obligate us to acquire any particular amount of common stock, and it may be modified or suspended at any time at our discretion. We expect to fund any repurchases from cash on hand.  During the nine month periods ended September 30, 2019 and 2018 repurchases were made totaling 1,204,688 shares and zero shares of common stock, respectively for an aggregate purchase price of $26.3 million and zero, respectively.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(In thousands, except per share data)
Net income	$	12,445	$	11,925	$	32,556	$	29,903
Weighted average shares outstanding (1)		22,486		24,149		23,033		23,218
Stock units for deferred compensation plan for non-employee directors		132		129		131		126
Effect of stock options		110		182		116		180
Performance share units		42		55		39		52
Weighted average shares outstanding for calculation of diluted earnings per share		22,770		24,515		23,319		23,576
Net income per common share
Basic (1)	$	0.55	$	0.49	$	1.41	$	1.29
Diluted	$	0.55	$	0.49	$	1.40	$	1.27

⁽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 nine month periods ended September 30, 2019 and 2018, respectively.