Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series in 2020 and the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series in 2019.

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2020					2019
Basic:	Income			Shares		Income			Shares
Net Income	$	12,737			17,466	$	11,119			16,610
Preferred Dividend		(30	)				(30	)
Earnings Applicable to Common Stock	$	12,707			17,466	$	11,089			16,610
Basic EPS	$	0.73				$	0.67
Diluted:
Earnings Applicable to Common Stock	$	12,707			17,466	$	11,089			16,610
$7.00 Series Preferred Dividend		17			115		17			115
$8.00 Series Preferred Dividend		—			—		—			32
Adjusted Earnings Applicable to Common Stock	$	12,724			17,581	$	11,106			16,757
Diluted EPS	$	0.72				$	0.66

9

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2020					2019
Basic:	Income			Shares		Income			Shares
Net Income	$	30,118			17,455	$	25,818			16,520
Preferred Dividend		(90	)				(102	)
Earnings Applicable to Common Stock	$	30,028			17,455	$	25,716			16,520
Basic EPS	$	1.72				$	1.56
Diluted:
Earnings Applicable to Common Stock	$	30,028			17,455	$	25,716			16,520
$7.00 Series Preferred Dividend		50			115		50			115
$8.00 Series Preferred Dividend		—			—		12			38
Adjusted Earnings Applicable to Common Stock	$	30,078			17,570	$	25,778			16,673
Diluted EPS	$	1.71				$	1.55