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Earnings Per Share | 3 Months Ended
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Mar. 31, 2021
Earnings Per Share [Abstract] |
Earnings Per Share | Note 9 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share:
|  | Three Months Ended March 31 |
(in thousands except per share data) |  | 2021 |  |  | 2020 |
Numerator: |  |  |  |  |  |
Net income |  | $ | 23,618 |  |  | $ | 6,579 |
Denominator: |  |  |  |  |  |  |  |
Basic earnings per share: |  |  |  |  |  |  |  |
Weighted average shares |  |  | 17,774 |  |  |  | 17,752 |
Diluted earnings per share: |  |  |  |  |  |  |  |
Effect of dilutive stock options and restricted stock grants |  |  | 13 |  |  |  | 11 |
Adjusted weighted average shares |  |  | 17,787 |  |  |  | 17,763 |
Earnings per share: |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | 1.33 |  |  | $ | 0.37 |
Diluted earnings per share |  |  | 1.33 |  |  |  | 0.37 |
There were no options to purchase common shares that were excluded from the diluted calculations above for the three months ended March 31, 2021. Options to purchase 20,000 common shares at a weighted average price of $32.27 were excluded from the diluted calculations above for the three months ended March 31, 2020, because the exercise prices on the options were greater than the average market price for the period. In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method.

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