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Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share

Earnings Per Share

Note 12: Earnings Per Share

​

The earnings per share, both basic and diluted, are included below as of December 31, (in thousands except for per share data):

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​			2020			2019			2018
Basic earnings per share:	​	​	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding	​	​	​	29,623,333	​	​	29,891,046	​	​	29,728,308
Net income	​	​	$	27,825	​	$	39,455	​	$	34,012
Basic earnings per share	​	​	$	0.94	​	$	1.32	​	$	1.14
​	​	​	​	​	​	​	​	​	​	​
Diluted earnings per share:	​	​	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding	​	​	​	29,623,333	​	​	29,891,046	​	​	29,728,308
Dilutive effect of unvested restricted awards 1	​	​	​	550,739	​	​	525,302	​	​	532,692
Dilutive effect of stock options and warrants	​	​	​	-	​	​	-	​	​	47,935
Diluted average common shares outstanding	​	​	​	30,174,072	​	​	30,416,348	​	​	30,308,935
​	​	​	​	​	​	​	​	​	​	​
Net Income	​	​	$	27,825	​	$	39,455	​	$	34,012
Diluted earnings per share	​	​	$	0.92	​	$	1.30	​	$	1.12

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
1 Includes the common stock equivalents for restricted share rights that are dilutive.	​	​	​	​	​	​	​	​	​	​

​

The above earnings per share calculation did not include a warrant for 815,339 shares of common stock that was outstanding as of December 31, 2018, because the warrant was anti-dilutive at an exercise price of $13.43.  Of note, the warrant was sold at auction by the Treasury in June 2013 to a third party investor. This warrant was issued in January 2009 at an exercise price of $13.43 per share, and expired on January 16, 2019..  On January 16, 2019, the warrant for 815,339 shares of the Company’s common stock was exercised in a cashless transaction.    As of the date of exercise, the Company’s closing market price was $14.23 per share, resulting in 45,836 shares being issued.  These shares were issued from treasury stock held by the Company, and resulted in a $313,000 reduction of treasury stock in January 2019.

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257

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