Earnings per Weighted Average Common Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Earnings attributable to common shareholders - basic and diluted:
Net income from continuing operations	$	7,901	$	37,667	$	15,739	$	73,841
Allocation of income for participating shares		(36)		(166)		(71)		(310)
Net income from continuing operations attributed to common shareholders	$	7,865	$	37,501	$	15,668	$	73,531
Earnings per share denominator - basic and diluted
Total weighted average common shares outstanding, including participating shares		14,664,329		15,049,378		14,679,049		14,883,635
Less: weighted average participating shares		(65,272)		(66,013)		(65,650)		(66,323)
Basic earnings per share denominator		14,599,057		14,983,365		14,613,399		14,817,312
Common equivalent shares- non-vested performance stock grants		103,570		96,130		101,700		96,249
Diluted earnings per share denominator		14,702,627		15,079,495		14,715,099		14,913,561
Basic earnings per share	$	0.54	$	2.50	$	1.07	$	4.96
Diluted earnings per share	$	0.53	$	2.49	$	1.06	$	4.93
Undistributed earnings attributable to common shareholders - basic and diluted:
Net income from continuing operations attributable to common shareholders -Basic	$	0.54	$	2.50	$	1.07	$	4.96
Dividends declared		(0.90)		(0.90)		(1.80)		(1.80)
Undistributed earnings	$	(0.36)	$	1.60	$	(0.73)	$	3.16
Net income from continuing operations attributable to common shareholders -Diluted	$	0.53	$	2.49	$	1.06	$	4.93
Dividends declared		(0.90)		(0.90)		(1.80)		(1.80)
Undistributed earnings	$	(0.37)	$	1.59	$	(0.74)	$	3.13

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 stock grants for the three and six months ended June 30, 2022 and 2021.