Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

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:

(In thousands except share and per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic
Net income	$	7,026	$	5,439	$	14,097	$	12,984
Weighted-average common shares outstanding		14,267,290		14,349,040		14,286,362		14,385,927
Basic earnings per share	$	.49	$	.38	$	.99	$	.90

Diluted
Net income	$	7,026	$	5,439	$	14,097	$	12,984
Weighted-average common shares outstanding		14,267,290		14,349,040		14,286,362		14,385,927
Effect of dilutive restricted stock and stock appreciation rights		243,192		196,159		239,906		201,930
Weighted-average common shares outstanding assuming dilution		14,510,482		14,545,199		14,526,268		14,587,857
Diluted earnings per share	$	.48	$	.37	$	.97	$	.89