SHAREHOLDERS' EQUITY AND INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2020

SHAREHOLDERS' EQUITY AND INCOME PER COMMON SHARE [Abstract]

SHAREHOLDERS' EQUITY AND INCOME PER COMMON SHARE

NOTE 12 – SHAREHOLDERS’ EQUITY AND INCOME PER COMMON SHARE

Our Board of Directors authorized share repurchase plans to buy back up to 5% of our outstanding common stock during 2020, 2019 and 2018. In addition, in June, 2019 our Board of Directors authorized a 300,000 share expansion of the 2019 repurchase plan. During 2020, 2019 and 2018 repurchases were made through open market and negotiated transactions and totaled 708,956, 1,204,688 and 587,969 shares of common stock, respectively for an aggregate purchase price of $14.2 million, $26.3 million and $12.7 million, respectively.

A reconciliation of basic and diluted net income per common share for the years ended December 31 follows:

	2020		2019		2018
	(In thousands, except per share amounts)
Net income	$	56,152	$	46,435	$	39,839
Weighted average shares outstanding (1)		21,977		22,894		23,412
Stock units for deferred compensation plan for non-employee directors		121		132		128
Effect of stock options		90		115		176
Performance share units		33		42		53
Weighted average shares outstanding for calculation of diluted earnings per share		22,221		23,183		23,769
Net income per common share
Basic (1)	$	2.56	$	2.03	$	1.70
Diluted	$	2.53	$	2.00	$	1.68

(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 each year ended 2020, 2019 and 2018, respectively.