Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of basic and diluted earnings per share

Earnings per share in the table below, for the three month periods ended March 31, 2020 and 2019 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share. ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company has issued restricted stock awards that contain such rights and are therefore considered participating securities. Basic earnings per common share are calculated by dividing net income allocable to common stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings per common share include the dilutive effect of participating securities.



	Three Months Ended
(In thousands, except share and per share data)	3/31/2020			3/31/2019
Basic
Net income available to common shareholders	$	7,949		$	21,040
Less: income attributable to unvested stock-based compensation awards	(99		)	(349		)
Net earnings allocated to common shareholders	7,850			20,691

Weighted average shares outstanding, including unvested stock-based compensation awards	14,904,067			15,313.635

Less: unvested stock-based compensation awards	(185,119		)	(253,460		)
Weighted average shares outstanding - Basic	14,718,948			15,060,175

Diluted
Net earnings allocated to common shareholders	7,850			20,691

Weighted average shares outstanding - Basic	14,718.948			15,060.175

Plus: incremental shares from assumed conversion of stock-based compensation awards	55,321			76,348
Weighted average shares outstanding - Diluted	14,774,269			15,136,523

Basic EPS	$	0.53		$	1.37
Diluted EPS	$	0.53		$	1.37