EARNINGS APPLICABLE TO COMMON SHAREHOLDERS

9 Months Ended

Sep. 30, 2020

EARNINGS APPLICABLE TO COMMON SHAREHOLDERS

EARNINGS APPLICABLE TO COMMON SHAREHOLDERS

NOTE 5 – EARNINGS APPLICABLE TO COMMON SHAREHOLDERS

Basic per share data is calculated based on the weighted-average number of common shares outstanding during the reporting period. Diluted per share data includes any dilution from potential common stock outstanding, such as restricted stock grants. There were no anti-dilutive common stock equivalents excluded in the calculations.

The following tables disclose the reconciliation of the numerators and denominators of the basic and diluted computations applicable to common shareholders ($ in thousands, except per share amount):

	For the Three Months Ended
	September 30, 2020
	Net Income		Shares		Per
	(Numerator)		(Denominator)		Share Data
Basic earnings per share	$	11,917		21,405,309	$	0.56
Effect of dilutive shares:
Restricted stock grants				108,400
Diluted earnings per share	$	11,917		21,513,709	$	0.55

	For the Nine Months ended
	September 30, 2020
	Net Income		Shares		Per
	(Numerator)		(Denominator)		Share Data
Basic earnings per share	$	37,171		20,521,779	$	1.81
Effect of dilutive shares:
Restricted stock grants				125,466
Diluted earnings per share	$	37,171		20,647,245	$	1.80

	For the Three Months Ended
	September 30, 2019
	Net Income		Shares		Per
	(Numerator)		(Denominator)		Share Data
Basic earnings per share	$	12,272		17,130,610	$	0.72
Effect of dilutive shares:
Restricted stock grants				150,713
Diluted earnings per share	$	12,272		17,281,323	$	0.71

	For the Nine Months ended
	September 30, 2019
	Net Income		Shares		Per
	(Numerator)		(Denominator)		Share Data
Basic earnings per share	$	31,890		16,653,045	$	1.91
Effect of dilutive shares:
Restricted stock grants				136,873
Diluted earnings per share	$	31,890		16,789,918	$	1.90

The Company granted 60,680 shares of restricted stock in the first quarter of 2020 and 66,132 shares of restricted stock in the first quarter of 2019. The Company granted 3,750 shares of restricted stock in the second quarter of 2020 and 750 shares of restricted stock during the second quarter of 2019. The Company granted 13,259 shares of restricted stock in the third quarter of 2020 and 8,333 shares of restricted stock during the third quarter of 2019.