EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2021

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE I – EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended
	March 31
	2021		2020
	(in thousands, except share and per share data)
Basic
Numerator:
Net income	$	23,361	$	1,902
Effect of unvested restricted stock awards		—		(1)
Adjusted net income	$	23,361	$	1,901
Denominator:
Weighted-average shares		25,454,921		25,390,377
Earnings per common share	$	0.92	$	0.07
Diluted
Numerator:
Net income	$	23,361	$	1,902
Effect of unvested restricted stock awards		—		(1)
Adjusted net income	$	23,361	$	1,901
Denominator:
Weighted-average shares		25,454,921		25,390,377
Effect of dilutive securities		1,475,481		856,423
Adjusted weighted-average shares and assumed conversions		26,930,402		26,246,800
Earnings per common share	$	0.87	$	0.07