EPS (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023		2022		2023		2022
Net income	$	9,787	$	14,267	$	34,903	$	46,088
Dividends and undistributed earnings allocated to participating securities(1)	(9)		(39)		(48)		(121)
Net income available to common shareholders	$	9,778	$	14,228	$	34,855	$	45,967
Weighted-average common shares outstanding for basic EPS	14,556,057		14,619,460		14,564,431		14,670,450
Dilutive effect of stock-based awards(2)	41,592		55,872		42,600		57,899
Weighted-average common and potential common shares for diluted EPS	14,597,649		14,675,332		14,607,031		14,728,349
Earnings per common share:
Basic EPS	$	0.67	$	0.97	$	2.39	$	3.13
Diluted EPS	$	0.67	$	0.97	$	2.39	$	3.12
Awards excluded from the calculation of diluted EPS(3):
Performance-based awards	9,049		3,903		10,829		—

(1)    Represents dividends paid and undistributed earnings allocated to non-vested 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.