EPS (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Analysis of Basic and Diluted Earnings Per Share

The following is an analysis of basic and diluted EPS, reflecting the application of the two-class method, as described below:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except number of shares and per share data)	2020		2019		2020		2019
Net income	$	16,775	$	14,488	$	41,208	$	41,965
Dividends and undistributed earnings allocated to participating securities(1)	(47)		(33)		(101)		(86)
Net income available to common shareholders	$	16,728	$	14,455	$	41,107	$	41,879
Weighted-average common shares outstanding for basic EPS	14,961,465		15,339,093		15,008,004		15,482,765
Dilutive effect of stock-based awards(2)	39,582		42,835		36,423		39,736
Weighted-average common and potential common shares for diluted EPS	15,001,047		15,381,928		15,044,427		15,522,501
Earnings per common share:
Basic EPS	$	1.12	$	0.94	$	2.74	$	2.70
Diluted EPS	$	1.11	$	0.94	$	2.73	$	2.70
Awards excluded from the calculation of diluted EPS(3):
Stock options	8,206		—		3,206		—

(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.