Shareholders' Equity and Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

Shareholders' Equity and Earnings Per Common Share [Abstract]

Shareholders' Equity and Earnings Per Common Share

5. Shareholders’ Equity and Earnings Per Common Share

On January 23, 2017, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 5% of our outstanding common stock through December 31, 2017.  We expect to accomplish the repurchases through open market transactions, though we could affect 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. The Repurchase Plan does not obligate us to acquire any particular amount of common stock, and it may be modified or suspended at any time at our discretion. We expect to fund any repurchases from cash on hand.  We did not repurchase any shares of common stock during the three months ended March 31, 2017.

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

	Three Months Ended March 31,
	2017		2016
	(In thousands, except per share amounts)
Net income	$	5,974	$	4,100
Weighted average shares outstanding (1)		21,308		21,751
Effect of stock options		152		112
Stock units for deferred compensation plan for non-employee directors		119		113
Performance share units		60		-
Restricted stock units		-		86
Weighted average shares outstanding for calculation of diluted earnings per share		21,639		22,062
Net income per common share
Basic (1)	$	0.28	$	0.19
Diluted	$	0.28	$	0.19

(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 included in weighted average shares outstanding for calculation of diluted earnings per share because they were anti-dilutive totaled zero and 0.03 million for the three-month periods ended March 31, 2017 and 2016, respectively.