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Earnings per Weighted Average Common Share
9 Months Ended
Sep. 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 September 30, 

 

Nine Months Ended September 30, 

2022

2021

2022

2021

Earnings attributable to common shareholders - basic and diluted:

Net income from continuing operations

$

6,192

$

24,820

$

21,931

$

98,661

Allocation of income for participating shares

(27)

(107)

(96)

(434)

Net income from continuing operations attributed to common shareholders

$

6,165

$

24,713

$

21,835

$

98,227

Earnings per share denominator - basic and diluted

Total weighted average common shares outstanding, including participating shares

14,663,455

15,047,779

14,673,795

14,892,515

Less: weighted average participating shares

(64,319)

(65,374)

(65,204)

(66,000)

Basic earnings per share denominator

14,599,136

14,982,405

14,608,591

14,826,515

Common equivalent shares- non-vested performance stock grants

 

112,601

 

97,624

 

104,961

 

96,355

Diluted earnings per share denominator

 

14,711,737

 

15,080,029

 

14,713,552

 

14,922,870

Basic earnings per share

$

0.42

$

1.65

$

1.49

$

6.63

Diluted earnings per share

$

0.42

$

1.64

$

1.48

$

6.58

Undistributed earnings attributable to common shareholders - basic and diluted:

Net income from continuing operations attributable to common shareholders -Basic

$

0.42

$

1.65

$

1.49

$

6.63

Dividends declared

(0.90)

(0.90)

(2.70)

(2.70)

Undistributed earnings

$

(0.48)

$

0.75

$

(1.21)

$

3.93

Net income from continuing operations attributable to common shareholders -Diluted

$

0.42

$

1.64

$

1.48

$

6.58

Dividends declared

(0.90)

(0.90)

(2.70)

(2.70)

Undistributed earnings

$

(0.48)

$

0.74

$

(1.22)

$

3.88

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 nine months ended September 30, 2022 and 2021.