Earnings per Weighted Average Common Share

3 Months Ended

Mar. 31, 2022

Earnings per Weighted Average Common Share

Earnings per Weighted Average Common Share

3. Earnings per Weighted Average Common Share

Basic earnings per weighted average common share (“EPS”) are calculated by dividing net income by the weighted average number of basic common shares outstanding during the period. Diluted earnings per share amounts are based on the weighted average number of common shares including non-vested performance stock grants.

The following table sets forth the computation of basic and diluted EPS for the periods indicated.

	Three Months Ended March 31,
	2022		2021
Earnings attributable to common shareholders - basic and diluted:
Net income from continuing operations	$	7,838	$	36,174
Allocation of income for participating shares		(35)		(163)
Net income from continuing operations attributed to common shareholders	$	7,803	$	36,011
Earnings per share denominator - basic and diluted
Total weighted average common shares outstanding, including participating shares		14,693,931		14,856,760
Less: weighted average participating shares		(66,033)		(66,635)
Basic earnings per share denominator		14,627,898		14,790,125
Common equivalent shares- non-vested performance stock grants		99,809		96,369
Diluted earnings per share denominator		14,727,707		14,886,494
Basic earnings per share	$	0.53	$	2.44
Diluted earnings per share	$	0.53	$	2.42
Undistributed earnings attributable to common shareholders - basic and diluted:
Net income from continuing operations attributable to common shareholders -Basic	$	0.53	$	2.44
Dividends declared		(0.90)		(0.90)
Undistributed earnings	$	(0.37)	$	1.54
Net income from continuing operations attributable to common shareholders -Diluted	$	0.53	$	2.42
Dividends declared		(0.90)		(0.90)
Undistributed earnings	$	(0.37)	$	1.52

Diluted EPS excludes non-vested performance stock grants with exercise prices and exercise tax benefits greater than the average market price of the Company’s common stock during the period because their inclusion would be anti-dilutive. There were no anti-dilutive shares related to non-vested performance stock grants for the three months ended March 31, 2022. There were 769 anti-dilutive shares related to non-vested stock grants for the three months ended March 31, 2021.
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