Earnings per Common Share

3 Months Ended

Mar. 31, 2021

Earnings per common share

Earnings per Common Share

Note 2. 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:

	Three Months Ended
	March 31,
(dollars in thousands, except for per share data)	2021			2020
Net income	$	32,999		$	6,030
Earnings allocated to participating securities		(186	)		(27	)
Income attributable to common stock	$	32,813		$	6,003
Weighted average common shares outstanding, including participating securities		39,738			39,559
Weighted average participating securities		(181	)		(135	)
Weighted average common shares outstanding		39,557			39,424
Incremental shares from assumed conversions of options,
performance units and restricted shares		232			92
Weighted average common and equivalent shares outstanding		39,789			39,516
Earnings per common share:
Basic	$	0.83		$	0.15
Diluted		0.82			0.15

There were no antidilutive share equivalents as of March 31, 2021 and March 31, 2020.