EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2020

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE I – EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Six Months Ended
	June 30				June 30
	2020		2019		2020		2019
	(in thousands, except share and per share data)
Basic
Numerator:
Net income	$	15,880	$	24,376	$	17,782	$	29,264
Effect of unvested restricted stock awards		(17)		(11)		(18)		(26)
Adjusted net income	$	15,863	$	24,365	$	17,764	$	29,238
Denominator:
Weighted-average shares		25,463,559		25,554,286		25,468,624		25,562,306
Earnings per common share	$	0.62	$	0.95	$	0.70	$	1.14
Diluted
Numerator:
Net income	$	15,880	$	24,376	$	17,782	$	29,264
Effect of unvested restricted stock awards		(17)		(11)		(18)		(25)
Adjusted net income	$	15,863	$	24,365	$	17,764	$	29,239
Denominator:
Weighted-average shares		25,463,559		25,554,286		25,468,624		25,562,306
Effect of dilutive securities		754,398		877,306		783,862		920,705
Adjusted weighted-average shares and assumed conversions		26,217,957		26,431,592		26,252,486		26,483,011
Earnings per common share	$	0.61	$	0.92	$	0.68	$	1.10

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested RSUs that receive dividends, which are considered participating securities. For the three and six month periods ended June 30, 2020 and 2019, outstanding stock awards of 0.2 million were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share.