Earnings per Common Share

9 Months Ended

Sep. 30, 2020

Note 3. Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

Earnings per common share have been computed based on the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	(in thousands, except for per share data)
	2020			2019			2020			2019
Net income	$	24,786		$	21,696		$	45,648		$	52,612
Earnings allocated to participating securities		(133	)		(117	)		(218	)		(176	)
Income attributable to common stock	$	24,653		$	21,579		$	45,430		$	52,436

Weighted average common shares outstanding, including participating securities		39,656			35,307			39,624			35,317
Weighted average participating securities		(119	)		(141	)		(125	)		(65	)
Weighted average common shares outstanding		39,537			35,166			39,499			35,252

Incremental shares from assumed conversions of options,
performance units and non-participating restricted shares		117			97			111			82
Weighted average common and equivalent shares outstanding		39,654			35,263			39,610			35,334

Earnings per common share:
Basic	$	0.62		$	0.61		$	1.15		$	1.49
Diluted		0.62			0.61			1.15			1.48

There were no antidilutive share equivalents as of September 30, 2020 and September 30, 2019.