Shareholders' Equity and Earnings Per Common Share

9 Months Ended

Sep. 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 nine month periods ended September 30, 2021 and 2020 repurchases were made totaling 659,350 shares and 678,929 shares of common stock, respectively, for an aggregate purchase price of $13.8 million and $13.8 million, respectively.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands, except per share data)
Net income	$	15,962	$	19,584	$	50,387	$	39,166
Weighted average shares outstanding (1)		21,516		21,881		21,696		22,014
Stock units for deferred compensation plan for non-employee directors		118		117		119		119
Effect of stock options		60		85		71		90
Performance share units		32		32		32		33
Weighted average shares outstanding for calculation of diluted earnings per share		21,726		22,115		21,918		22,256
Net income per common share
Basic (1)	$	0.74	$	0.90	$	2.32	$	1.78
Diluted	$	0.73	$	0.89	$	2.30	$	1.76

(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, 2021 and 2020.