Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of 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. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. Anti-dilutive shares are those SARs with prices in excess of the current market value. The calculations of basic and diluted earnings per share are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands except share and per share data)	2020		2019		2020		2019
Basic
Net income	$	5,439	$	7,684	$	12,984	$	15,847
Weighted-average common shares outstanding		14,349,040		14,434,232		14,385,927		14,444,821
Basic earnings per share	$	.38	$	.53	$	.90	$	1.10
Diluted
Net income	$	5,439	$	7,684	$	12,984	$	15,847
Weighted-average common shares outstanding		14,349,040		14,434,232		14,385,927		14,444,821
Effect of dilutive restricted stock and stock appreciation rights		196,159		258,032		201,930		255,613
Weighted-average common shares outstanding assuming dilution		14,545,199		14,692,264		14,587,857		14,700,434
Diluted earnings per share	$	.37	$	.52	$	.89	$	1.08