Equity and EPS

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Equity and EPS

EQUITY AND EPS

Capital Stock. Common Stockholders are entitled to elect four of the nine members of the Board of Directors, while Preferred Stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Any vacancies on the Board are to be filled only by the shareholders and not by the Board. Shareholders who own 10 percent or more of the outstanding Common or Preferred Stock have the right to call a special meeting of stockholders. Common Stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common or Preferred Stock, or change the powers, preferences or special rights of the Common or Preferred Stock so as to affect the Common Stockholders adversely. Generally, Common Stockholders and Preferred Stockholders vote as separate classes on all other matters requiring shareholder approval.

EPS. The computations of basic and diluted EPS:

	Year Ended December 31,
	2019		2018		2017
Operations:
Net income(a)	$	38,793	$	37,284	$	41,823
Less: Income attributable to participating securities (unvested shares and units) (b)	253		708		996
Net income attributable to common shareholders	$	38,540	$	36,576	$	40,827
Share information:
Basic and diluted weighted average common shares(c)	17,012,288		16,866,176		16,746,731
Basic and diluted EPS	$	2.27	$	2.17	$	2.44

(a)Net income attributable to all shareholders.

(b)Participating securities included RSUs of 111,365, 326,375, and 368,492 for the years ended December 31, 2019, 2018, and 2017, respectively.

(c)Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities.

Share Repurchase. On February 25, 2019, the Board of Directors approved a $25,000 share repurchase authorization commencing February 27, 2019 through February 27, 2022. Under the share repurchase program, the company can repurchase stock from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable federal securities laws. This share repurchase program may be modified, suspended, or terminated by the company at any time without prior notice. From the commencement date of the authorization period through the year ended December 31, 2019, no shares were repurchased under the program.

Dividends and Dividend Equivalents

Dividend and Dividend Equivalent Information (per Share and Unit)
Declaration date	Record date	Payment date	Declared		Paid		Dividend payment		Dividend equivalent payment(a)(b)		Total payment(b)
2019
February 25	March 13	March 29	$	0.10	$	0.10	$	1,701	$	13	$	1,714
April 29	May 15	May 31	0.10		0.10		1,702		11		1,713
July 29	August 14	August 30	0.10		0.10		1,703		11		1,714
October 29	November 14	November 26	0.10		0.10		1,703		12		1,715
			$	0.40	$	0.40	$	6,809	$	47	$	6,856
2018
February 21	March 9	March 23	$	0.08	$	0.08	$	1,348	$	27	$	1,375
April 30	May 16	June 1	0.08		0.08		1,348		27		1,375
July 31	August 16	August 31	0.08		0.08		1,348		27		1,375
October 30	November 15	November 30	0.08		0.08		1,349		26		1,375
			$	0.32	$	0.32	$	5,393	$	107	$	5,500
2017
February 15	March 1	March 24	$	0.04	$	0.04	$	668	$	20	$	688
May 2	May 15	June 9	0.04		0.04		668		20		688
August 1	August 18	September 8	0.85		0.85		14,215		413		14,628
August 1	August 18	September 11	0.04		0.04		669		19		688
October 31	November 14	December 8	0.04		0.04		669		19		688
			$	1.01	$	1.01	$	16,889	$	491	$	17,380

(a) Dividend equivalent payments on unvested participating securities (see Note 10).

(b) Includes estimated forfeitures.