Earnings Per Share

9 Months Ended

Sep. 30, 2020

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 September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Weighted-average number of shares of common stock for calculating basic earnings per share		24,097		24,268		24,170		24,237
Effect of potentially dilutive securities from equity-based compensation		346		364		388		355
Weighted-average number of shares of common stock for calculating diluted earnings per share		24,443		24,632		24,558		24,592

There were no anti-dilutive securities excluded from the computation of diluted earnings per share in the three and nine months ended September 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 Company’s Board of Directors at any time. The following table presents share repurchase activities during the three and nine months ended September 30, 2020 and 2019. As of September 30, 2020, 1,309,805 shares remained authorized for repurchase under the Repurchase Plan.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2020		2019		2020		2019
Number of shares repurchased		2,355		—		282,221		—
Aggregate purchase price	$	117	$	—	$	13,617	$	—
Average price per repurchased share	$	49.61	$	—	$	48.25	$	—