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Earnings Per Share
6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 5. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities.  The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share:

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Weighted-average number of shares of common stock for

   calculating basic earnings per share

 

 

24,121

 

 

 

24,246

 

 

 

24,207

 

 

 

24,221

 

Effect of potentially dilutive securities from equity-based

   compensation

 

 

350

 

 

 

333

 

 

 

405

 

 

 

340

 

Weighted-average number of shares of common stock for

   calculating diluted earnings per share

 

 

24,471

 

 

 

24,579

 

 

 

24,612

 

 

 

24,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There were no anti-dilutive securities excluded from the computation of diluted earnings per share in the three and six months ended June 30, 2020 and 2019.

 

The Company has made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.  In August 2015, the Company’s Board of Directors authorized the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”).  The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased and the Repurchase Plan may be modified, extended or terminated by the Board of Directors at any time. The following table presents share repurchase activities during the three and six months ended June 30, 2020 and 2019. As of June 30, 2020, 1,312,160 shares remained authorized for repurchase under the Repurchase Plan.

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(in thousands, except share and per share amounts)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Number of shares repurchased

 

 

115,920

 

 

 

 

 

 

279,866

 

 

 

 

Aggregate purchase price

 

$

5,648

 

 

$

 

 

$

13,500

 

 

$

 

Average price per repurchased shares

 

$

48.72

 

 

$

 

 

$

48.24

 

 

$