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Shareholders' Equity and Earnings Per Common Share
 6 Months Ended
Jun. 30, 2018
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 22, 2018, 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, 2018.  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 six months ended June 30, 2018.

A reconciliation of basic and diluted net income per common share follows:
 
  
Three Months Ended
June 30,
  
Six Months Ended
June 30,
 
  
2018
  
2017
  
2018
  
2017
 
  
(In thousands, except per share data)
 
Net income
 
$
8,817
  
$
5,931
  
$
17,978
  
$
11,905
 
                 
Weighted average shares outstanding (1)
  
24,109
   
21,331
   
22,745
   
21,320
 
Effect of stock options
  
224
   
143
   
179
   
147
 
Stock units for deferred compensation plan for non-employee directors
  
126
   
119
   
125
   
119
 
Performance share units
  
51
   
54
   
50
   
57
 
Weighted average shares outstanding for calculation of diluted earnings per share
  
24,510
   
21,647
   
23,099
   
21,643
 
Net income per common share
                
Basic (1)
 
$
0.37
  
$
0.28
  
$
0.79
  
$
0.56
 
Diluted
 
$
0.36
  
$
0.27
  
$
0.78
  
$
0.55
 
 
(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 six month periods ended June 30, 2018 and 2017, respectively.