Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2020

Reconciliation of Earnings and Shares Used in Calculating Basic and Diluted EPS

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for each of the years ended December 31 (in thousands, except per share amounts). All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities.

	2020			2019			2018
Net income available to common shareholders	$	36,871		$	47,401		$	38,065
Weighted average common shares outstanding:
Total shares issued		16,100			16,086			16,056
Unvested restricted stock awards		(5	)		(4	)		(8	)
Treasury shares		(73	)		(110	)		(138	)
Total basic weighted average common shares outstanding		16,022			15,972			15,910
Incremental shares from assumed:
Exercise of stock options		-			-			2
Vesting of restricted stock awards		41			59			44
Total diluted weighted average common shares outstanding		16,063			16,031			15,956

Basic earnings per common share	$	2.30		$	2.97		$	2.39
Diluted earnings per common share	$	2.30		$	2.96		$	2.39

Shares Excluded from Computation of Diluted EPS

For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive:

Stock options	-	-	-
Restricted stock awards	54	4	6
Total	54	4	6