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Earnings Per Share
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

Note 18 -- Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted earnings per share during periods of net income or loss.

A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below.

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

 

Income

 

 

Shares

 

 

Per Share

 

 

Income

 

 

Shares

 

 

Per Share

 

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

Net income

 

$

15,390

 

 

 

 

 

 

 

 

 

 

$

5,853

 

 

 

 

 

 

 

 

 

Less: Income attributable to participating

   securities

 

 

(865

)

 

 

 

 

 

 

 

 

 

 

(325

)

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to common stockholders

 

 

14,525

 

 

 

7,356

 

 

$

1.97

 

 

 

5,528

 

 

 

7,531

 

 

$

0.73

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

—

 

 

 

37

 

 

 

 

 

 

 

—

 

 

 

8

 

 

 

 

 

Convertible senior notes*

 

 

1,903

 

 

 

2,284

 

 

 

 

 

 

 

—

 

 

 

—

 

 

 

 

 

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders and

   assumed conversions

 

$

16,428

 

 

 

9,677

 

 

$

1.70

 

 

$

5,528

 

 

 

7,539

 

 

$

0.73

 

 

 

 

  

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

 

Income

 

 

Shares

 

 

Per Share

 

 

Income

 

 

Shares

 

 

Per Share

 

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

Net income

 

$

24,873

 

 

 

 

 

 

 

 

 

 

$

20,144

 

 

 

 

 

 

 

 

 

Less: Income attributable to participating

   securities

 

 

(1,309

)

 

 

 

 

 

 

 

 

 

 

(1,114

)

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to common stockholders

 

 

23,564

 

 

 

7,350

 

 

$

3.21

 

 

 

19,030

 

 

 

7,644

 

 

$

2.49

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

—

 

 

 

17

 

 

 

 

 

 

 

—

 

 

 

14

 

 

 

 

 

Convertible senior notes

 

 

5,787

 

 

 

2,330

 

 

 

 

 

 

 

6,828

 

 

 

2,745

 

 

 

 

 

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders and

   assumed conversions

 

$

29,351

 

 

 

9,697

 

 

$

3.03

 

 

$

25,858

 

 

 

10,403

 

 

$

2.49

 

 

 

*

For the three months ended September 30, 2019, convertible senior notes were excluded due to anti-dilutive effect.