Shareholders' Equity and Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

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 17, 2019, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 1,120,000 shares of our outstanding common stock through December 31, 2020.  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. Given the impact and economic uncertainty of the COVID-19 pandemic our repurchase plan has been temporarily suspended. During the six month periods ended June 30, 2020 and 2019 repurchases were made totaling 678,929 shares and 1,179,688 shares of common stock, respectively, for an aggregate purchase price of $13.8 million and $25.8 million, respectively.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands, except per share data)
Net income	$	14,772	$	10,730	$	19,582	$	20,111
Weighted average shares outstanding (1)		21,891		23,036		22,081		23,310
Stock units for deferred compensation plan for non-employee directors		109		128		119		130
Effect of stock options		84		112		92		119
Performance share units		29		37		33		39
Weighted average shares outstanding for calculation of diluted earnings per share		22,113		23,313		22,325		23,598
Net income per common share
Basic (1)	$	0.67	$	0.47	$	0.89	$	0.86
Diluted	$	0.67	$	0.46	$	0.88	$	0.85

(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, 2020 and 2019, respectively.