Earnings Per Share

9 Months Ended

Sep. 30, 2020

Note 4. Earnings Per Share

The Company calculates earnings per share under ASC 260, “Earnings Per Share”. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.

The following tables show the Company’s earnings per share for the periods presented:



	For the three months ended
	September 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 23,131	57,588,168	$ 0.40
Effect of dilutive securities
Common stock options and restricted stock units	-	883,024	-
Diluted earnings per share
Net earnings available to common shareholders	$ 23,131	58,471,192	$ 0.40



	For the three months ended
	September 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$ 123	57,588,168	$ -
Effect of dilutive securities
Common stock options and restricted stock units	-	883,024	-
Diluted earnings per share
Net earnings available to common shareholders	$ 123	58,471,192	$ -



	For the three months ended
	September 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 23,254	57,588,168	$ 0.40
Effect of dilutive securities
Common stock options and restricted stock units	-	883,024	-
Diluted earnings per share
Net earnings available to common shareholders	$ 23,254	58,471,192	$ 0.40

Stock options for 1,056,604 shares, exercisable at prices between $6.75 and $8.57 per share, were outstanding at September 30, 2020, and included in the dilutive earnings per share computation. Stock options for 326,000 were anti-dilutive and not included in the earnings per share calculation.



	For the nine months ended
	September 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount
	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 56,575	57,433,477	$ 0.98
Effect of dilutive securities
Common stock options and restricted stock units	-	618,356	(0.01)
Diluted earnings per share
Net earnings available to common shareholders	$ 56,575	58,051,833	$ 0.97



	For the nine months ended
	September 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount
	(dollars in thousands except share and per share data)
Basic loss per share from discontinued operations
Net loss available to common shareholders	$ (662)	57,433,477	$ (0.01)
Effect of dilutive securities
Common stock options and restricted stock units	-	618,356	-
Diluted loss per share
Net loss available to common shareholders	$ (662)	58,051,833	$ (0.01)



	For the nine months ended
	September 30, 2020
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 55,913	57,433,477	$ 0.97
Effect of dilutive securities
Common stock options and restricted stock units	-	618,356	(0.01)
Diluted earnings per share
Net earnings available to common shareholders	$ 55,913	58,051,833	$ 0.96



	For the three months ended
	September 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 20,399	56,907,815	$ 0.36
Effect of dilutive securities
Common stock options and restricted stock units	-	505,482	-
Diluted earnings per share
Net earnings available to common shareholders	$ 20,399	57,413,297	$ 0.36



	For the three months ended
	September 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$ 26	56,907,815	$ -
Effect of dilutive securities
Common stock options and restricted stock units	-	505,482	-
Diluted earnings per share
Net earnings available to common shareholders	$ 26	57,413,297	$ -



	For the three months ended
	September 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 20,425	56,907,815	$ 0.36
Effect of dilutive securities
Common stock options and restricted stock units	-	505,482	-
Diluted earnings per share
Net earnings available to common shareholders	$ 20,425	57,413,297	$ 0.36

Stock options for 984,104 shares, exercisable at prices between $6.75 and $8.57 per share, were outstanding at September 30, 2019, and included in the dilutive earnings per shares computation shares because the exercise price per share was less than the average market price. Stock options for 357,500 were anti-dilutive and not included in the earnings per share calculation.



	For the nine months ended
	September 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 48,404	56,712,084	$ 0.85
Effect of dilutive securities
Common stock options and restricted stock units	-	440,287	-
Diluted earnings per share
Net earnings available to common shareholders	$ 48,404	57,152,371	$ 0.85



	For the nine months ended
	September 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$ 1,301	56,712,084	$ 0.02
Effect of dilutive securities
Common stock options and restricted stock units	-	440,287	-
Diluted earnings per share
Net earnings available to common shareholders	$ 1,301	57,152,371	$ 0.02



	For the nine months ended
	September 30, 2019
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 49,705	56,712,084	$ 0.87
Effect of dilutive securities
Common stock options and restricted stock units	-	440,287	-
Diluted earnings per share
Net earnings available to common shareholders	$ 49,705	57,152,371	$ 0.87

Stock options for 984,104 shares, exercisable at prices between $6.75 and $8.57 per share, were outstanding at September 30, 2019, and included in dilutive earnings per share computation shares because the exercise price per share was less than the average market price. Stock options for 357,500 were anti-dilutive and not included in the earnings per share calculation.