Earnings per Common Share

12 Months Ended

Dec. 31, 2020

Note 3 – Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

Earnings per common share have been computed based on the following:

	Years Ended December 31,
	2020		2019		2018
	(in thousands, except per share amounts)
Net income available to common stockholders	$	71,289	$	73,395	$	60,352
Earnings allocated to participating securities		(356)		(295)		(139)
Income attributable to common stock	$	70,933	$	73,100	$	60,213
Weighted average common shares outstanding, including participating securities		39,643		35,289		32,198
Weighted average participating securities		(131)		(84)		(74)
Weighted average common shares outstanding		39,512		35,205		32,124
Incremental shares from assumed conversions of options, restricted stock units, performance units and restricted stock		132		88		233
Weighted average common and equivalent shares outstanding		39,644		35,293		32,357
Earnings per common share:
Basic	$	1.80	$	2.08	$	1.87
Diluted		1.79		2.07		1.86

There were no antidilutive common share equivalents as of December 31, 2020, 2019 and 2018.