Earnings per Common Share

6 Months Ended

Jun. 30, 2021

Note 2. 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 June 30,						Six Months Ended June 30,
	(in thousands, except for per share data)
	2021			2020			2021			2020
Net income	$	32,219		$	14,832		$	65,218		$	20,862
Earnings allocated to participating securities		(81	)		(69	)		(176	)		(94	)
Income attributable to common stock	$	32,138		$	14,763		$	65,042		$	20,768

Weighted average common shares outstanding, including participating securities		39,781			39,640			39,786			39,603
Weighted average participating securities		(100	)		(104	)		(107	)		(123	)
Weighted average common shares outstanding		39,681			39,536			39,679			39,480
Incremental shares from assumed conversions of options,
performance units and non-participating restricted shares		192			76			214			112
Weighted average common and equivalent shares outstanding		39,873			39,612			39,893			39,592

Earnings per common share:
Basic	$	0.81		$	0.37		$	1.64		$	0.53
Diluted		0.81			0.37			1.63			0.52

There were no antidilutive share equivalents as of June 30, 2021 and June 30, 2020.