Shareholders' Equity and Net Income Per Common Share

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity and Net Income Per Common Share

SHAREHOLDERS’ EQUITY AND NET INCOME PER COMMON SHAREOur Board of Directors authorized share repurchase plans to buy back up to 5% of our outstanding common stock during 2022, 2021 and 2020. During 2022, 2021 and 2020 repurchases were made through open market and negotiated transactions and totaled 181,586, 814,910 and 708,956 shares of common stock, respectively for an aggregate purchase price of $4.0 million, $17.3 million and $14.2 million, respectively.

A reconciliation of basic and diluted net income per common share for the years ended December 31 follows:

	2022		2021		2020
	(In thousands, except per share amounts)
Net income	$	63,351	$	62,895	$	56,152
Weighted average shares outstanding (1)	21,096		21,585		21,977
Stock units for deferred compensation plan for non-employee directors	137		121		121
Effect of stock options	38		69		90
Performance share units	25		32		33
Weighted average shares outstanding for calculation of diluted earnings per share	21,296		21,807		22,221
Net income per common share
Basic (1)	$	3.00	$	2.91	$	2.56
Diluted	$	2.97	$	2.88	$	2.53

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(1) Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards.

Weighted average stock options outstanding that were not considered in computing diluted net income per common share because they were anti-dilutive were zero for each year ended 2022, 2021 and 2020, respectively.