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EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE I – EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:


		Three Months Ended						Nine Months Ended
		September 30						September 30
		2020			2019			2020			2019

		(in thousands, except share and per share data)
Basic
Numerator:
Net income		$	29,404		$	16,270		$	47,186		$	45,534
Effect of unvested restricted stock awards			(4)			(2)			(22)			(28)
Adjusted net income		$	29,400		$	16,268		$	47,164		$	45,506
Denominator:
Weighted-average shares			25,470,094			25,527,982			25,403,786			25,550,365
Earnings per common share		$	1.15		$	0.64		$	1.86		$	1.78

Diluted
Numerator:
Net income		$	29,404		$	16,270		$	47,186		$	45,534
Effect of unvested restricted stock awards			(4)			(2)			(22)			(28)
Adjusted net income		$	29,400		$	16,268		$	47,164		$	45,506
Denominator:
Weighted-average shares			25,470,094			25,527,982			25,403,786			25,550,365
Effect of dilutive securities			1,122,363			888,613			886,160			911,303
Adjusted weighted-average shares and assumed conversions			26,592,457			26,416,595			26,289,946			26,461,668
Earnings per common share		$	1.11		$	0.62		$	1.79		$	1.72

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested RSUs that receive dividends, which are considered participating securities. For the three months ended September 30, 2020, there were no antidilutive securities. Outstanding stock awards of less than $0.1 million for the nine months ended September 30, 2020 and outstanding stock awards of $0.2 million for the three and

nine months ended September 30, 2019, were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share.