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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

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, 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

			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

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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
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

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