Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

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

	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