Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings per share in the table below, for the three and nine month periods ended September 30, 2021 and 2020 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)	9/30/2021		9/30/2020
Basic
Net income available to common shareholders	$	21,342	$	24,230
Less: income attributable to unvested stock-based compensation awards	(154)		(278)
Net earnings allocated to common shareholders	21,188		23,952

Weighted average shares outstanding, including unvested stock-based compensation awards	14,724,141		14,920,924

Less: average unvested stock-based compensation awards	(229,608)		(223,392)
Weighted average shares outstanding - Basic	14,494,533		14,697,532

Diluted
Net earnings allocated to common shareholders	21,188		23,952

Weighted average shares outstanding - Basic	14,494,533		14,697,532

Plus: incremental shares from assumed conversion of stock-based compensation awards	73,801		30,209
Weighted average shares outstanding - Diluted	14,568,334		14,727,741

Basic EPS	$	1.46	$	1.63
Diluted EPS	$	1.45	$	1.63

Stock-based compensation awards representing 2,032 and 10,449 of common shares during the three months ended September 30, 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.


	Nine Months Ended
(In thousands, except share and per share data)	9/30/2021		9/30/2020
Basic
Net income available to common shareholders	$	69,799	$	53,610
Less: income attributable to unvested stock-based compensation awards	(504)		(628)
Net earnings allocated to common shareholders	69,295		52,982

Weighted average shares outstanding, including unvested stock-based compensation awards	14,840,420		14,929,628

Less: unvested stock-based compensation awards	(232,538)		(230,181)
Weighted average shares outstanding - Basic	14,607,882		14,699,447

Diluted
Net earnings allocated to common shareholders	69,295		52,982

Weighted average shares outstanding - Basic	14,607,882		14,699,447

Plus: incremental shares from assumed conversion of stock-based compensation awards	79,303		39,474
Weighted average shares outstanding - Diluted	14,687,185		14,738,921

Basic EPS	$	4.74	$	3.60
Diluted EPS	$	4.72	$	3.59

Stock-based compensation awards representing approximately 6,113 and 10,090 of common shares during the nine months ended September 30, 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.