Shareholders' Equity and Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

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, 2021, 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, 2022.  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 three month periods ended March 31, 2022 and 2021 repurchases were made totaling 59,002 shares and 180,667 shares of common stock, respectively, for an aggregate purchase price of $1.4 million and $3.6 million, respectively.

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

	Three Months Ended March 31,
	2022		2021
	(In thousands, except per share data)
Net income	$	17,967	$	22,037
Weighted average shares outstanding (1)		21,192		21,826
Stock units for deferred compensation plan for non-employee directors		128		120
Effect of stock options		56		83
Performance share units		22		30
Weighted average shares outstanding for calculation of diluted earnings per share		21,398		22,059
Net income per common share
Basic (1)	$	0.85	$	1.01
Diluted	$	0.84	$	1.00

⁽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 month periods ended March 31, 2022 and 2021.