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EARNINGS PER COMMON SHARE ("EPS")
 6 Months Ended
Jun. 30, 2020
EARNINGS PER COMMON SHARE ("EPS") [Abstract]  
EARNINGS PER COMMON SHARE ("EPS")
4.
EARNINGS PER COMMON SHARE (“EPS”)

Basic EPS is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period.  Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if “in the money” stock options were exercised and converted into Common Stock, and if all likely aggregate Long-term Incentive Plan (“LTIP”) and Sales Incentive Plan (“SIP”) shares are issued.  In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded.  Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.  Unvested RSA and SIP shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

 
  
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
 
  
2020
    
2019
    
2020
    
2019
  
Net income available to common stockholders
  
$
11,826
    
$
13,035
    
$
20,218
    
$
24,536
  
Less: Dividends paid and earnings allocated to participating securities
    
(46
)
    
(63
)
    
(113
)
    
(100
)
Income attributable to common stock
  
$
11,780
    
$
12,972
    
$
20,105
    
$
24,436
  
Weighted average common shares outstanding, including participating securities
    
33,357,104
      
35,891,341
      
34,083,656
      
35,951,257
  
Less: weighted average participating securities
    
(320,316
)
    
(197,249
)
    
(299,079
)
    
(178,538
)
Weighted average common shares outstanding
    
33,036,789
      
35,694,092
      
33,784,577
      
35,772,719
  
Basic EPS
  
$
0.36
    
$
0.36
    
$
0.60
    
$
0.68
  
Income attributable to common stock
  
$
11,780
    
$
12,972
    
$
20,105
    
$
24,436
  
Weighted average common shares outstanding
    
33,036,789
      
35,694,092
      
33,784,577
      
35,772,719
  
Weighted average common equivalent shares outstanding
    
206,911
      
170,297
      
209,547
      
171,642
  
Weighted average common and equivalent shares outstanding
    
33,243,700
      
35,864,389
      
33,994,124
      
35,944,361
  
Diluted EPS
  
$
0.35
    
$
0.36
    
$
0.59
    
$
0.68
  

Common and equivalent shares resulting from the dilutive effect of “in-the-money” outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were 25,134 weighted-average stock options outstanding for the three-month period ended June 30, 2020, which was not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. There were no “out-of-the-money” stock options during the three-month period ended June 30, 2019 or the six-month periods ended June 30, 2020 and 2019.

For information about the calculation of expected aggregate LTIP and SIP share payouts, see Note 12.