Shareholders' Equity and Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

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, 2020, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 1,100,000 shares of our outstanding common stock through December 31, 2021.  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. During the six month periods ended June 30, 2021 and 2020 repurchases were made totaling 344,005 shares and 678,929 shares of common stock, respectively, for an aggregate purchase price of $7.3 million and $13.8 million, respectively.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands, except per share data)
Net income	$	12,388	$	14,772	$	34,425	$	19,582
Weighted average shares outstanding (1)		21,750		21,891		21,788		22,081
Stock units for deferred compensation plan for non-employee directors		113		109		118		119
Effect of stock options		70		84		76		92
Performance share units		34		29		32		33
Weighted average shares outstanding for calculation of diluted earnings per share		21,967		22,113		22,014		22,325
Net income per common share
Basic (1)	$	0.57	$	0.67	$	1.58	$	0.89
Diluted	$	0.56	$	0.67	$	1.56	$	0.88

(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, 2021 and 2020.