Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 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)	6/30/2022		6/30/2021
Basic
Net income available to common shareholders	$	20,869	$	22,831
Less: income attributable to unvested stock-based compensation awards	(67)		(164)
Net earnings allocated to common shareholders	20,802		22,667
Weighted average shares outstanding, including unvested stock-based compensation awards	14,524,975		14,886,687
Less: average unvested stock-based compensation awards	(207,560)		(231,913)
Weighted average shares outstanding - Basic	14,317,415		14,654,774
Diluted
Net earnings allocated to common shareholders	20,802		22,667
Weighted average shares outstanding - Basic	14,317,415		14,654,774
Plus: incremental shares from assumed conversion of stock-based compensation awards	70,186		82,961
Weighted average shares outstanding - Diluted	14,387,601		14,737,735
Basic EPS	$	1.45	$	1.55
Diluted EPS	$	1.45	$	1.54

	Six Months Ended
(In thousands, except share and per share data)	6/30/2022		6/30/2021
Basic
Net income available to common shareholders	$	44,142	$	48,457
Less: income attributable to unvested stock-based compensation awards	(143)		(350)
Net earnings allocated to common shareholders	43,999		48,107
Weighted average shares outstanding, including unvested stock-based compensation awards	14,568,102		14,899,524
Less: unvested stock-based compensation awards	(209,633)		(234,003)
Weighted average shares outstanding - Basic	14,358,469		14,665,521
Diluted
Net earnings allocated to common shareholders	43,999		48,107
Weighted average shares outstanding - Basic	14,358,469		14,665,521
Plus: incremental shares from assumed conversion of stock-based compensation awards	74,183		82,055
Weighted average shares outstanding - Diluted	14,432,652		14,747,576
Basic EPS	$	3.06	$	3.28
Diluted EPS	$	3.05	$	3.26