Earnings Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Note 3 – Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. There were no anti-dilutive shares in the three and nine months ended September 30, 2019 and 2018. The calculations of basic and diluted earnings per share are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands except share and per share data)	2019		2018		2019		2018
Basic:
Net income	$	8,186	$	7,610	$	24,033	$	23,211
Weighted-average common shares outstanding		14,417,725		14,695,170		14,435,670		14,687,614
Basic earnings per share	$	.57	$	.52	$	1.66	$	1.58
Diluted:
Net income	$	8,186	$	7,610	$	24,033	$	23,211
Weighted-average common shares outstanding		14,417,725		14,695,170		14,435,670		14,687,614
Effect of dilutive restricted stock and stock appreciation rights		262,917		248,010		258,123		240,489
Weighted-average common shares outstanding assuming dilution		14,680,642		14,943,180		14,693,793		14,928,103
Diluted earnings per share	$	.56	$	.51	$	1.64	$	1.55