Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings per share in the table below, for the three month periods ended March 31, 2021 and 2020 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share (ASC 260). 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)	3/31/2021		3/31/2020
Basic
Net income available to common shareholders	$	25,626	$	7,949
Less: income attributable to unvested stock-based compensation awards	(186)		(99)
Net earnings allocated to common shareholders	25,440		7,850

Weighted average shares outstanding, including unvested stock-based compensation awards	14,912,502		14,904,067

Less: average unvested stock-based compensation awards	(236,092)		(185,119)
Weighted average shares outstanding - Basic	14,676,410		14,718,948

Diluted
Net earnings allocated to common shareholders	25,440		7,850

Weighted average shares outstanding - Basic	14,676,410		14,718,948

Plus: incremental shares from assumed conversion of stock-based compensation awards	81,148		55,321
Weighted average shares outstanding - Diluted	14,757,558		14,774,269

Basic EPS	$	1.73	$	0.53
Diluted EPS	$	1.72	$	0.53

Stock-based compensation awards representing 15,983 and 17,956 of common shares during the three months ended March 31, 2021 and 2020, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.