Earnings per Common Share

6 Months Ended

Jun. 30, 2020

Note 3. Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

Earnings per common share have been computed based on the following:

	Three Months Ended June 30,						Six Months Ended June 30,
	(in thousands, except for per share data)
	2020			2019			2020			2019
Net income	$	14,832		$	19,281		$	20,862		$	30,916
Earnings allocated to participating securities		(69	)		(58	)		(94	)		(140	)
Income attributable to common stock	$	14,763		$	19,223		$	20,768		$	30,776

Weighted average common shares outstanding, including participating securities		39,640			35,365			39,603			35,322
Weighted average participating securities		(104	)		(49	)		(123	)		(26	)
Weighted average common shares outstanding		39,536			35,316			39,480			35,296

Incremental shares from assumed conversions of options,
performance units and non-participating restricted shares		76			79			112			74
Weighted average common and equivalent shares outstanding		39,612			35,395			39,592			35,370

Earnings per common share:
Basic	$	0.37		$	0.54		$	0.53		$	0.87
Diluted		0.37			0.54			0.52			0.87

There were no antidilutive share equivalents as of June 30, 2020 and June 30, 2019.