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Earnings Per Share | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Earnings per share in the table below, for the three and six month periods ended June 30, 2023 and 2022 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) | 6/30/2023 | 6/30/2022
Basic |  |
Net income available to common shareholders | $ | 8,475 |  | $ | 20,869 |
Less: income attributable to unvested stock-based compensation awards | (8) |  | (67) |
Net earnings allocated to common shareholders | 8,467 |  | 20,802 |
Weighted average shares outstanding, including unvested stock-based compensation awards | 14,502,161 |  | 14,524,975 |
Less: average unvested stock-based compensation awards | (188,028) |  | (207,560) |
Weighted average shares outstanding - Basic | 14,314,133 |  | 14,317,415 |
Diluted |  |
Net earnings allocated to common shareholders | 8,467 |  | 20,802 |
Weighted average shares outstanding - Basic | 14,314,133 |  | 14,317,415 |
Plus: incremental shares from assumed conversion of stock-based compensation awards | 32,654 |  | 70,186 |
Weighted average shares outstanding - Diluted | 14,346,787 |  | 14,387,601 |
Basic EPS | $ | 0.59 |  | $ | 1.45 |
Diluted EPS | $ | 0.59 |  | $ | 1.45 |
Stock-based compensation awards representing 60,891 and 1,848 of common shares during the three months ended June 30, 2023 and 2022, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.
| Six Months Ended
(In thousands, except share and per share data) | 6/30/2023 | 6/30/2022
Basic |  |
Net income available to common shareholders | $ | 27,856 |  | $ | 44,142 |
Less: income attributable to unvested stock-based compensation awards | (26) |  | (143) |
Net earnings allocated to common shareholders | 27,830 |  | 43,999 |
Weighted average shares outstanding, including unvested stock-based compensation awards | 14,511,078 |  | 14,568,102 |
Less: unvested stock-based compensation awards | (190,763) |  | (209,633) |
Weighted average shares outstanding - Basic | 14,320,315 |  | 14,358,469 |
Diluted |  |
Net earnings allocated to common shareholders | 27,830 |  | 43,999 |
Weighted average shares outstanding - Basic | 14,320,315 |  | 14,358,469 |
Plus: incremental shares from assumed conversion of stock-based compensation awards | 47,866 |  | 74,183 |
Weighted average shares outstanding - Diluted | 14,368,181 |  | 14,432,652 |
Basic EPS | $ | 1.94 |  | $ | 3.06 |
Diluted EPS | $ | 1.94 |  | $ | 3.05 |
Stock-based compensation awards representing approximately 32,036 and 6,113 of common shares during the six months ended June 30, 2023 and 2022, respectively were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.

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