Earnings per Share/Capital Stock (Tables)

9 Months Ended

Sep. 30, 2023

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 used for calculating basic net income per share:


Basic:	For The Three Months Ended September 30,				For The Nine Months Ended September 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Net income	$	31,565	$	25,654	$	104,493	$	59,767
Less: (a) Distributed earnings to common shareholders	15,900		14,690		45,294		41,664
Distributed earnings to participating securities	46		38		124		104
Undistributed earnings	15,619		10,926		59,075		17,999

(b) Undistributed earnings allocated to common shareholders	15,574		10,897		58,913		17,955
Undistributed earnings allocated to participating securities	45		29		162		44

Total income available to common shareholders, basic (a)+(b)	$	31,474	$	25,587	$	104,207	$	59,619

Weighted average Common Shares outstanding, basic	36,977		36,958		36,974		36,953

Basic earnings per Common Share	$	0.85	$	0.69	$	2.82	$	1.61

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 Three Months Ended September 30,				For The Nine Months Ended September 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Common shareholders earnings, basic	$	31,474	$	25,587	$	104,207	$	59,619
Undistributed earnings for dilutive stock-based awards	45		29		162		44
Total common shareholders earnings, diluted	$	31,519	$	25,616	$	104,369	$	59,663

Weighted average common shares outstanding, basic	36,977		36,958		36,974		36,953
Stock-based compensation (1)	94		84		90		81
Weighted average common shares outstanding, diluted	37,071		37,042		37,064		37,034

Diluted earnings per Common Share	$	0.85	$	0.69	$	2.82	$	1.61

(1) All of the 106,879 and 96,629 restricted stock units at September 30, 2023 and 2022, respectively, were included in the calculation of diluted EPS for the three and nine months ended September 30, 2023 and 2022.