Earnings Per Share (Tables)

9 Months Ended

Sep. 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.

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)	2020		2019		2020		2019
Basic:
Net income	$	5,781	$	8,186	$	18,765	$	24,033
Weighted-average common shares outstanding		14,348,151		14,417,725		14,373,243		14,435,670
Basic earnings per share	$	.40	$	.57	$	1.31	$	1.66
Diluted:
Net income	$	5,781	$	8,186	$	18,765	$	24,033
Weighted-average common shares outstanding		14,348,151		14,417,725		14,373,243		14,435,670
Effect of dilutive restricted stock and stock appreciation rights		198,336		262,917		200,723		258,123
Weighted-average common shares outstanding assuming dilution		14,546,487		14,680,642		14,573,966		14,693,793
Diluted earnings per share	$	.40	$	.56	$	1.29	$	1.64