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EPS
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EPS
 
The following is an analysis of basic and diluted EPS, reflecting the application of the two-class method, as described below:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(In thousands, except number of shares and per share data)
 
2020
 
2019
 
2020
 
2019
Net income
 
$
10,940

 
$
13,204

 
$
24,433

 
$
27,477

Dividends and undistributed earnings allocated to participating securities(1)
 
(27
)
 
(26
)
 
(55
)
 
(54
)
Net income available to common shareholders
 
$
10,913

 
$
13,178

 
$
24,378

 
$
27,423

Weighted-average common shares outstanding for basic EPS
 
14,959,851

 
15,519,827

 
15,031,525

 
15,555,770

Dilutive effect of stock-based awards(2)
 
37,760

 
39,933

 
37,607

 
39,884

Weighted-average common and potential common shares for diluted EPS
 
14,997,611

 
15,559,760

 
15,069,132

 
15,595,654

Earnings per common share:
 
 

 
 

 
 
 
 
Basic EPS
 
$
0.73

 
$
0.85

 
$
1.62

 
$
1.76

Diluted EPS
 
$
0.73

 
$
0.85

 
$
1.62

 
$
1.76

Awards excluded from the calculation of diluted EPS(3):
 
 
 
 
 
 
 
 
Stock options
 
11,202

 
—

 
3,429

 
—


(1)
Represents dividends paid and undistributed earnings allocated to nonvested stock-based awards that contain non-forfeitable rights to dividends.
(2)
Represents the assumed dilutive effect of unexercised and/or unvested stock options, restricted shares, restricted share units and contingently issuable performance-based awards utilizing the treasury stock method.
(3)
Represents stock-based awards not included in the computation of potential common shares for purposes of calculating diluted EPS as the exercise prices were greater than the average market price of the Company's common stock, and, therefore, are considered anti-dilutive.

Nonvested stock-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s nonvested stock-based awards qualify as participating securities. 
  
Net income is allocated between the common stock and participating securities pursuant to the two-class method. Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested stock-based awards. Diluted EPS is computed in a similar
manner, except that the denominator includes the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method.