Earnings Per Share and Capital Stock (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating basic net income per share

The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating basic net income per share:


Basic:	For The Years Ended December 31,
(in thousands, except per share amounts)	2022		2021		2020
Net income	$	78,396	$	94,347	$	86,425
Less: (a) Distributed earnings to common shareholders	56,356		51,689		47,206
Distributed earnings to participating securities	142		134		158
Undistributed earnings	21,898		42,524		39,061

(b) Undistributed earnings allocated to common shareholders	21,843		42,414		38,930
Undistributed earnings allocated to participating securities	55		110		131
Total income available to common shareholders, basic (a)+(b)	$	78,199	$	94,103	$	86,136

Weighted average Common Shares outstanding, basic	36,955		36,921		36,880

Basic earnings per Common Share	$	2.12	$	2.55	$	2.34

Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating diluted net income per share

The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating diluted net income per share:


Diluted:	For The Years Ended December 31,
(in thousands, except per share amounts)	2022		2021		2020
Common shareholders earnings, basic	$	78,199	$	94,103	$	86,136
Undistributed earnings for dilutive stock options and restricted stock units	55		110		131
Total common shareholders earnings, diluted	$	78,254	$	94,213	$	86,267

Weighted average Common Shares outstanding, basic	36,955		36,921		36,880
Stock-based compensation (1)	84		89		115
Weighted average Common Shares outstanding, diluted	37,039		37,010		36,995

Diluted earnings per Common Share	$	2.11	$	2.55	$	2.33

(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 96,988 restricted stock units, including performance awards, at December 31, 2022 were deemed to be outstanding in accordance with accounting guidance on earnings per share.