Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Reconciliations of the Earnings Available to Common Stockholders and the Shares used in Calculating Basic and Dilutive Net Earnings per Common Share

We present two calculations of earnings per common share.  “Basic” earnings per common share equals net income divided by weighted average common shares outstanding during the period. “Diluted” earnings per common share equals net income divided by the sum of weighted average common shares outstanding during the period plus potentially dilutive common shares.  Potentially dilutive common shares that are anti-dilutive are excluded from net earnings per common share. 

The following are reconciliations of the earnings available to common stockholders and the shares used in calculating basic and dilutive net earnings per common share (in thousands, except per share data):

	Year Ended December 31,
	2020			2019			2018
Basic Net Earnings Per Common Share:
Earnings from continuing operations	$	80,417		$	69,051		$	56,854
Loss from discontinued operations		(23,024	)		(11,134	)		(13,851	)
Net earnings available to common stockholders	$	57,393		$	57,917		$	43,003
Weighted average common shares outstanding		22,374			22,378			22,456
Earnings from continuing operations per common share	$	3.59		$	3.09		$	2.53
Loss from discontinued operations per common share		(1.02	)		(0.50	)		(0.62	)
Basic net earnings per common share	$	2.57		$	2.59		$	1.91
Diluted Net Earnings Per Common Share:
Earnings from continuing operations	$	80,417		$	69,051		$	56,854
Loss from discontinued operations		(23,024	)		(11,134	)		(13,851	)
Net earnings available to common stockholders	$	57,393		$	57,917		$	43,003
Weighted average common shares outstanding		22,374			22,378			22,456
Plus incremental shares from assumed conversions:
Dilutive effect of restricted stock and performance-based stock		452			440			476
Weighted average common shares outstanding – Diluted		22,826			22,818			22,932
Earnings from continuing operations per common share	$	3.52		$	3.03		$	2.48
Loss from discontinued operations per common share		(1.01	)		(0.49	)		(0.60	)
Diluted net earnings per common share	$	2.51		$	2.54		$	1.88

Anti-dilutive Securities Excluded from Computation of Earnings per Share

The shares listed below were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented or because they were excluded under the treasury method (in thousands):

	2020		2019		2018
Restricted and performance shares		268		255		249