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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

Earnings per share in the table below, for the three and nine month periods ended September 30, 2022 and 2021 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share (ASC 260). 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)			9/30/2022			9/30/2021
Basic
Net income available to common shareholders			$	21,340		$	21,342
Less: income attributable to unvested stock-based compensation awards			(66)			(154)
Net earnings allocated to common shareholders			21,274			21,188
Weighted average shares outstanding, including unvested stock-based compensation awards			14,489,970			14,724,141
Less: average unvested stock-based compensation awards			(200,948)			(229,608)
Weighted average shares outstanding - Basic			14,289,022			14,494,533
Diluted
Net earnings allocated to common shareholders			21,274			21,188
Weighted average shares outstanding - Basic			14,289,022			14,494,533
Plus: incremental shares from assumed conversion of stock-based compensation awards			78,127			73,801
Weighted average shares outstanding - Diluted			14,367,149			14,568,334
Basic EPS			$	1.49		$	1.46
Diluted EPS			$	1.48		$	1.45

			Nine Months Ended
(In thousands, except share and per share data)			9/30/2022			9/30/2021
Basic
Net income available to common shareholders			$	65,482		$	69,799
Less: income attributable to unvested stock-based compensation awards			(209)			(504)
Net earnings allocated to common shareholders			65,273			69,295
Weighted average shares outstanding, including unvested stock-based compensation awards			14,541,772			14,840,420
Less: unvested stock-based compensation awards			(206,738)			(232,538)
Weighted average shares outstanding - Basic			14,335,034			14,607,882
Diluted
Net earnings allocated to common shareholders			65,273			69,295
Weighted average shares outstanding - Basic			14,335,034			14,607,882
Plus: incremental shares from assumed conversion of stock-based compensation awards			75,498			79,303
Weighted average shares outstanding - Diluted			14,410,532			14,687,185
Basic EPS			$	4.55		$	4.74
Diluted EPS			$	4.53		$	4.72

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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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

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