Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings per share in the table below, for the three and six month periods ended June 30, 2020 and 2019 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share. ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company has issued restricted stock awards that contain such rights and are therefore considered participating securities. Basic earnings per common share are calculated by dividing net income allocable to common stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings per common share include the dilutive effect of participating securities.


	Three Months Ended
(In thousands, except share and per share data)	6/30/2020		6/30/2019
Basic
Net income available to common shareholders	$	21,431	$	19,392
Less: income attributable to unvested stock-based compensation awards	(251)		(306)
Net earnings allocated to common shareholders	21,180		19,086

Weighted average shares outstanding, including unvested stock-based compensation awards	14,910,300		15,262,216

Less: unvested stock-based compensation awards	(228,344)		(242,506)
Weighted average shares outstanding - Basic	14,681,956		15,019,710

Diluted
Net earnings allocated to common shareholders	21,180		19,086

Weighted average shares outstanding - Basic	14,681,956		15,019,710

Plus: incremental shares from assumed conversion of stock-based compensation awards	32,892		66,235
Weighted average shares outstanding - Diluted	14,714,848		15,085,945

Basic EPS	$	1.44	$	1.27
Diluted EPS	1.44		1.27

Stock-based compensation awards representing 10,449 and 18,355 of common shares during the three months ended June 30, 2020 and 2019, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.


	Six Months Ended
(In thousands, except share and per share data)	6/30/2020		6/30/2019
Basic
Net income available to common shareholders	$	29,380	$	40,432
Less: income attributable to unvested stock-based compensation awards	(350)		(655)
Net earnings allocated to common shareholders	29,030		39,777

Weighted average shares outstanding, including unvested stock-based compensation awards	14,934,028		15,287,783

Less: unvested stock-based compensation awards	(233,576)		(247,983)
Weighted average shares outstanding - Basic	14,700,452		15,039,800

Diluted
Net earnings allocated to common shareholders	29,030		39,777

Weighted average shares outstanding - Basic	14,700,452		15,039,800

Plus: incremental shares from assumed conversion of stock-based compensation awards	44,107		71,292
Weighted average shares outstanding - Diluted	14,744,559		15,111,092

Basic EPS	$	1.97	$	2.64
Diluted EPS	1.97		2.63

Stock-based compensation awards representing approximately 10,090 and 18,619 of common shares during the six months ended June 30, 2020 and 2019, respectively were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.