Shareholders' Equity and Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity and Earnings Per Common Share

Shareholders’ Equity and Earnings Per Common Share

On December 20, 2022, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 1,100,000 shares of our outstanding common stock through December 31, 2023. Shares would be repurchased through open market transactions, though we could execute repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of our common stock, regulatory requirements, potential alternative uses for capital, and our financial performance. During the three month period ended March 31, 2023 there were no shares repurchased. During the three month period ended March 31, 2022 repurchases were made totaling 59,002 shares of common stock, for an aggregate purchase price of $1.4 million.

A reconciliation of basic and diluted net income per common share follows:

	Three Months Ended March 31,
	2023		2022
	(In thousands, except per share data)
Net income	$	12,991	$	17,967
Weighted average shares outstanding (1)	21,104		21,192
Stock units for deferred compensation plan for non-employee directors	150		128
Effect of stock options	21		56
Performance share units	22		22
Weighted average shares outstanding for calculation of diluted earnings per share	21,297		21,398
Net income per common share
Basic (1)	$	0.62	$	0.85
Diluted	$	0.61	$	0.84

(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 the three month periods ended March 31, 2023 and 2022, respectively.