Shareholders' Equity and Earnings Per Common Share

9 Months Ended

Sep. 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 nine months ended September 30, 2018.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(In thousands, except per share data)
Net income	$	11,925	$	6,859	$	29,903	$	18,764
Weighted average shares outstanding (1)		24,149		21,334		23,218		21,325
Effect of stock options		182		138		180		144
Stock units for deferred compensation plan for non-employee directors		129		121		126		120
Performance share units		55		59		52		57
Weighted average shares outstanding for calculation of diluted earnings per share		24,515		21,652		23,576		21,646
Net income per common share
Basic (1)	$	0.49	$	0.32	$	1.29	$	0.88
Diluted	$	0.49	$	0.32	$	1.27	$	0.87

⁽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, 2018 and 2017, respectively.