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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2021
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE M – EARNINGS PER SHARE ​ The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019 |
​ | ​ | (in thousands, except share and per share data) |
Basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 213,521 | ​ | $ | 71,100 | ​ | $ | 39,985 | ​
Effect of unvested restricted stock awards | ​ |  | — | ​ |  | — | ​ |  | (22) | ​
Adjusted net income | ​ | $ | 213,521 | ​ | $ | 71,100 | ​ | $ | 39,963 | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average shares | ​ |  | 25,471,939 | ​ |  | 25,410,232 | ​ |  | 25,535,529 | ​
Earnings per common share | ​ | $ | 8.38 | ​ | $ | 2.80 | ​ | $ | 1.56 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 213,521 | ​ | $ | 71,100 | ​ | $ | 39,985 | ​
Effect of unvested restricted stock awards | ​ |  | — | ​ |  | — | ​ |  | (21) | ​
Adjusted net income | ​ | $ | 213,521 | ​ | $ | 71,100 | ​ | $ | 39,964 | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average shares | ​ |  | 25,471,939 | ​ |  | 25,410,232 | ​ |  | 25,535,529 | ​
Effect of dilutive securities | ​ |  | 1,300,187 | ​ |  | 1,012,291 | ​ |  | 914,526 | ​
Adjusted weighted-average shares and assumed conversions | ​ |  | 26,772,126 | ​ |  | 26,422,523 | ​ |  | 26,450,055 | ​
Earnings per common share | ​ | $ | 7.98 | ​ | $ | 2.69 | ​ | $ | 1.51 | ​
​ The Company used the two-class method of calculating earnings per share in 2019. Under the two-class method, 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. Beginning with 2015 grants, the RSU agreements were modified to remove dividend rights and, therefore, the RSUs granted in 2021, 2020, and 2019 are not participating securities. During 2019, the remaining unvested RSUs receiving dividends became vested; therefore, the Company began using the treasury stock method for calculating earnings per share in 2020. ​ For the year ended December 31, 2019 outstanding stock awards of 0.2 million were not included in the diluted earnings per share calculations because their inclusion would have the effect of increasing the earnings per share.

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