EPS (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30,				Six Months Ended June 30,
(In thousands, except number of shares and per share data)	2021		2020		2021		2020
Net income	$	18,143	$	10,940	$	37,883	$	24,433
Dividends and undistributed earnings allocated to participating securities(1)	(51)		(27)		(105)		(55)
Net income available to common shareholders	$	18,092	$	10,913	$	37,778	$	24,378
Weighted-average common shares outstanding for basic EPS	14,943,486		14,959,851		14,930,017		15,031,525
Dilutive effect of stock-based awards(2)	63,985		37,760		64,121		37,607
Weighted-average common and potential common shares for diluted EPS	15,007,471		14,997,611		14,994,138		15,069,132
Earnings per common share:
Basic EPS	$	1.21	$	0.73	$	2.53	$	1.62
Diluted EPS	$	1.21	$	0.73	$	2.52	$	1.62
Awards excluded from the calculation of diluted EPS(3):
MSPP	—		6,748		—		—
Performance-based awards	—		3,454		—		2,429
Stock options	—		1,000		—		1,000

(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.