Weighted Average Shares Outstanding

12 Months Ended

Dec. 31, 2020

Weighted Average Shares Outstanding [Abstract]

Net income per common share is computed in accordance with accounting standards related to earnings per share. Basic earnings per share is calculated using the weighted-average number of common shares outstanding during the year. Share-based payment awards that entitle their holders to receive nonforfeitable dividends before vesting should be considered participating securities and, as such, should be included in the calculation of basic earnings per share. The Company’s restricted stock unit awards which contain nonforfeitable rights to dividends are considered participating securities. Diluted earnings per share

reflects the assumed exercise and conversion of all dilutive securities. Shares held by the Retirement Savings Plan are considered outstanding for both basic and diluted earnings per share. There are no adjustments to net income for purposes of computing income available to common stockholders for the years ended December 31, 2020, 2019 and 2018. A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows:


	Weighted-Average Common Shares Outstanding
	2020	2019	2018
Basic	50,880,846	51,213,518	52,304,190
Dilutive effect of:
Stock options	66,738	176,984	260,240
Performance share awards	150,002	242,667	267,176


Diluted	51,097,586	51,633,169	52,831,606

The calculation of weighted-average diluted shares outstanding excludes all anti-dilutive shares. During 2020, 2019 and 2018, the Company excluded 484,835, 280,254 and 127,562 stock awards, respectively, from the calculation of diluted weighted-average shares outstanding as the stock awards were considered anti-dilutive.