Earnings Per Share

3 Months Ended

Mar. 31, 2021

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. 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 March 31,
(In thousands except share and per share data)	2021		2020
Basic
Net income	$	7,071	$	7,545
Weighted-average common shares outstanding		14,312,260		14,422,813
Basic earnings per share	$	.49	$	.52

Diluted
Net income	$	7,071	$	7,545
Weighted-average common shares outstanding		14,312,260		14,422,813
Effect of dilutive restricted stock and stock appreciation rights		220,809		207,700
Weighted-average common shares outstanding assuming dilution		14,533,069		14,630,513
Diluted earnings per share	$	.49	$	.52