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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

Earnings per share in the table below, for the three and six month periods ended June 30, 2021 and 2020 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)			6/30/2021			6/30/2020
Basic
Net income available to common shareholders			$	22,831		$	21,431
Less: income attributable to unvested stock-based compensation awards			(164)			(251)
Net earnings allocated to common shareholders			22,667			21,180
Weighted average shares outstanding, including unvested stock-based compensation awards			14,886,687			14,910,300
Less: average unvested stock-based compensation awards			(231,913)			(228,344)
Weighted average shares outstanding - Basic			14,654,774			14,681,956
Diluted
Net earnings allocated to common shareholders			22,667			21,180
Weighted average shares outstanding - Basic			14,654,774			14,681,956
Plus:  incremental shares from assumed conversion of stock-based compensation awards			82,961			32,892
Weighted average shares outstanding - Diluted			14,737,735			14,714,848
Basic EPS			$	1.55		$	1.44
Diluted EPS			$	1.54		$	1.44

			Six Months Ended
(In thousands, except share and per share data)			6/30/2021			6/30/2020
Basic
Net income available to common shareholders			$	48,457		$	29,380
Less: income attributable to unvested stock-based compensation awards			(350)			(350)
Net earnings allocated to common shareholders			48,107			29,030
Weighted average shares outstanding, including unvested stock-based compensation awards			14,899,524			14,934,028
Less: unvested stock-based compensation awards			(234,003)			(233,576)
Weighted average shares outstanding - Basic			14,665,521			14,700,452
Diluted
Net earnings allocated to common shareholders			48,107			29,030
Weighted average shares outstanding - Basic			14,665,521			14,700,452
Plus: incremental shares from assumed conversion of stock-based compensation awards			82,055			44,107
Weighted average shares outstanding - Diluted			14,747,576			14,744,559
Basic EPS			$	3.28		$	1.97
Diluted EPS			$	3.26		$	1.97

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- References

No definition available.

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

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