Shareholders' Equity and Earnings Per Common Share

3 Months Ended

Mar. 31, 2019

Shareholders' Equity and Earnings Per Common Share [Abstract]

Shareholders' Equity and Earnings Per Common Share

5.   Shareholders’ Equity and Earnings Per Common Share

On December 18, 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, 2019.  We expect to accomplish the repurchases 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. 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.  During the three month periods ended March 31, 2019 and 2018 repurchases were made through open market transactions and totaled 115,787 and zero shares of common stock, respectively for an aggregate purchase price of $2.5 million and zero, respectively.

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

	Three Months Ended March 31,
	2019		2018
	(In thousands, except per share data)
Net income	$	9,381	$	9,161
Weighted average shares outstanding (1)		23,588		21,365
Effect of stock options		127		135
Stock units for deferred compensation plan for non-employee directors		130		125
Performance share units		40		49
Weighted average shares outstanding for calculation of diluted earnings per share		23,885		21,674
Net income per common share
Basic (1)	$	0.40	$	0.43
Diluted	$	0.39	$	0.42

⁽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 both the three month periods ended March 31, 2019 and 2018.