EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE

Schedule of computation of basic and diluted earnings (loss) per share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31:

	2020		2019		2018
	(in thousands, except share and per share data)
Basic
Numerator:
Net income	$	71,100	$	39,985	$	67,262
Effect of unvested restricted stock awards		—		(22)		(150)
Adjusted net income	$	71,100	$	39,963	$	67,112
Denominator:
Weighted-average shares		25,410,232		25,535,529		25,679,736
Earnings per common share	$	2.80	$	1.56	$	2.61
Diluted
Numerator:
Net income	$	71,100	$	39,985	$	67,262
Effect of unvested restricted stock awards		—		(21)		(145)
Adjusted net income	$	71,100	$	39,964	$	67,117
Denominator:
Weighted-average shares		25,410,232		25,535,529		25,679,736
Effect of dilutive securities		1,012,291		914,526		1,019,095
Adjusted weighted-average shares and assumed conversions		26,422,523		26,450,055		26,698,831
Earnings per common share	$	2.69	$	1.51	$	2.51