Shareholders' Equity and Earnings Per Common Share

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity and Earnings Per Common Share

Shareholders’ Equity and Earnings Per Common Share

On December 19, 2023, 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, 2024. 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 nine month period ended September 30, 2024 there were no shares of common stock repurchased. During the nine month period ended September 30, 2023 repurchases were made totaling 288,401 shares of common stock, for an aggregate purchase price of $5.0 million.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands, except per share data)
Net income	$	13,810	$	17,543	$	48,329	$	45,324
Weighted average shares outstanding (1)	20,896		20,922		20,892		21,021
Stock units for deferred compensation plan for non-employee directors	182		163		178		157
Performance share units	34		21		27		17
Effect of stock options	3		8		3		12
Weighted average shares outstanding for calculation of diluted earnings per share	21,115		21,114		21,100		21,207
Net income per common share
Basic (1)	$	0.66	$	0.84	$	2.31	$	2.16
Diluted	$	0.65	$	0.83	$	2.29	$	2.14

(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 and nine month periods ended September 30, 2024 and 2023, respectively.