Earnings per Common Share

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	(in thousands, except for per share data)
	2021			2020			2021			2020
Net income	$	32,097		$	24,786		$	97,315		$	45,648
Earnings allocated to participating securities		(76	)		(133	)		(250	)		(218	)
Income attributable to common stock	$	32,021		$	24,653		$	97,065		$	45,430

Weighted average common shares outstanding, including participating securities		39,741			39,656			39,770			39,624
Weighted average participating securities		(95	)		(119	)		(102	)		(125	)
Weighted average common shares outstanding		39,646			39,537			39,668			39,499
Incremental shares from assumed conversions of options, performance units and non-participating restricted shares		223			117			220			111
Weighted average common and equivalent shares outstanding		39,869			39,654			39,888			39,610

Earnings per common share:
Basic	$	0.81		$	0.62		$	2.45		$	1.15
Diluted		0.80			0.62			2.43			1.15

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