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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

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						Six Months Ended
		June 30						June 30
		2021			2020			2021			2020

		(in thousands, except share and per share data)
Basic
Numerator:
Net income		$	60,981		$	15,880		$	84,342		$	17,782
Effect of unvested restricted stock awards			—			(17)			—			(18)
Adjusted net income		$	60,981		$	15,863		$	84,342		$	17,764
Denominator:
Weighted-average shares			25,586,353			25,463,559			25,522,453			25,468,624
Earnings per common share		$	2.38		$	0.62		$	3.30		$	0.70

Diluted
Numerator:
Net income		$	60,981		$	15,880		$	84,342		$	17,782
Effect of unvested restricted stock awards			—			(17)			—			(18)
Adjusted net income		$	60,981		$	15,863		$	84,342		$	17,764
Denominator:
Weighted-average shares			25,586,353			25,463,559			25,522,453			25,468,624
Effect of dilutive securities			1,324,443			754,398			1,403,680			783,862
Adjusted weighted-average shares and assumed conversions			26,910,796			26,217,957			26,926,133			26,252,486
Earnings per common share		$	2.27		$	0.61		$	3.13		$	0.68