Shareholders' Equity and Earnings Per Common Share

9 Months Ended

Sep. 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. Due primarily to the economic uncertainty brought on by the COVID-19, we have not purchased any of our shares since March 2020. However, primarily as a result of our financial performance and improved economic conditions, and dependent upon market and other factors, we may begin to purchase our shares under the 2020 share repurchase plan during the last two months of the year. During the nine month periods ended September 30, 2020 and 2019 repurchases were made totaling 678,929 shares and 1,204,688 shares of common stock, respectively, for an aggregate purchase price of $13.8 million and $26.3 million, respectively.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands, except per share data)
Net income	$	19,584	$	12,445	$	39,166	$	32,556
Weighted average shares outstanding (1)		21,881		22,486		22,014		23,033
Stock units for deferred compensation plan for non-employee directors		117		132		119		131
Effect of stock options		85		110		90		116
Performance share units		32		42		33		39
Weighted average shares outstanding for calculation of diluted earnings per share		22,115		22,770		22,256		23,319
Net income per common share
Basic (1)	$	0.90	$	0.55	$	1.78	$	1.41
Diluted	$	0.89	$	0.55	$	1.76	$	1.40

(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, 2020 and 2019, respectively.