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Earnings Per Share | 9 Months Ended
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Sep. 30, 2021
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. For the three and nine months ended September 30, 2021 and 2020, diluted EPS was reported using the two-class method. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented.
| Three Months Ended September 30, |  | Nine months ended September 30,
(in thousands, except share and per share data) | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator for Earnings per Share—Basic: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 27,598 |  |  |  | $ | 16,705 |  |  |  | $ | 87,866 |  |  |  | $ | (3,136) |
Less: Income allocated to participating shares |  | 125 |  |  |  | 52 |  |  |  | 408 |  |  |  | — |
Net Income Allocated to Shareholders |  | $ | 27,473 |  |  |  | $ | 16,653 |  |  |  | $ | 87,458 |  |  |  | $ | (3,136) |
Numerator for Earnings per Share—Diluted: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 27,598 |  |  |  | $ | 16,705 |  |  |  | $ | 87,866 |  |  |  | $ | (3,136) |
Net Income Available to Shareholders |  | $ | 27,598 |  |  |  | $ | 16,705 |  |  |  | $ | 87,866 |  |  |  | $ | (3,136) |
Denominators for Earnings per Share: |  |  |  |  |  |  |  |  |  |  |
Weighted Average Shares Outstanding—Basic |  | 39,060,616 |  |  |  | 39,020,811 |  |  |  | 39,044,412 |  |  |  | 39,101,309 |
Add: Potentially dilutive shares |  | 86,157 |  |  |  | 20,656 |  |  |  | 89,194 |  |  |  | — |
Denominator for Treasury Stock Method—Diluted |  | 39,146,773 |  |  |  | 39,041,467 |  |  |  | 39,133,606 |  |  |  | 39,101,309 |
Weighted Average Shares Outstanding—Basic |  | 39,060,616 |  |  |  | 39,020,811 |  |  |  | 39,044,412 |  |  |  | 39,101,309 |
Add: Average participating shares outstanding |  | 1,464 |  |  |  | — |  |  |  | 458 |  |  |  | — |
Denominator for Two-Class Method—Diluted |  | 39,062,080 |  |  |  | 39,020,811 |  |  |  | 39,044,870 |  |  |  | 39,101,309 |
Earnings (loss) per share—basic |  | $ | 0.71 |  |  |  | $ | 0.43 |  |  |  | $ | 2.25 |  |  |  | $ | (0.08) |
Earnings (loss) per share—diluted |  | $ | 0.70 |  |  |  | $ | 0.43 |  |  |  | $ | 2.24 |  |  |  | $ | (0.08) |
Restricted stock considered anti-dilutive excluded from potentially dilutive shares |  | 163 |  |  |  | 19,449 |  |  |  | 615 |  |  |  | 1,137 |

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