Earnings Per Share

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share

3.     Earnings Per Share

Earnings per common share have been computed based on the following:

	For the three months ended						For the six months ended
	June 30,						June 30,
	2020			2019			2020			2019
	(In thousands, except per share data)
Net income	$	18,272		$	10,556		$	16,882		$	17,624
Divided by:
Weighted average common shares outstanding		28,867			28,761			28,860			28,691
Weighted average common stock equivalents		—			—			—			—
Total weighted average common shares outstanding and common stock equivalents		28,867			28,761			28,860			28,691
Basic earnings per common share	$	0.63		$	0.37		$	0.58		$	0.61
Diluted earnings per common share (1)	$	0.63		$	0.37		$	0.58		$	0.61
Dividend payout ratio		33.3	%		56.8	%		72.4	%		68.9	%

(1) For the three and six months ended June 30, 2020 and 2019, there were no common stock equivalents that were anti-dilutive.