EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2019

EARNINGS PER SHARE

EARNINGS PER SHARE

4.    EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows:

	Three months ended				Nine months ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Net income available for stockholders:	$	7,855	$	7,161	$	24,697	$	23,760
Less: Adjustments for earnings attributable to participating securities		(187)		(194)		(594)		(658)
Net income used in calculating earnings per share	$	7,668	$	6,967	$	24,103	$	23,102
Weighted average shares outstanding (including participating securities)		34,001		34,539		34,111		34,563
Adjustment for participating securities		(817)		(950)		(837)		(979)
Shares used in calculating basic and diluted earnings per share		33,184		33,589		33,274		33,584