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Stockholders' Equity
 9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
(a) Earnings Per Common Share
The following table illustrates the reconciliation of weighted average shares used for earnings per common share computations for the three and nine months ended September 30, 2020 and 2019:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
(In thousands, except shares)
Net income:
Net income$16,636 $17,895 $22,688 $50,431 
Dividends and undistributed earnings allocated to participating securities (1)
— (10)(5)(48)
Net income allocated to common shareholders$16,636 $17,885 $22,683 $50,383 
Basic:
Weighted average common shares outstanding
35,909,148 36,764,810 36,054,906 36,846,884 
Restricted stock awards(303)(21,948)(5,537)(34,336)
Total basic weighted average common shares outstanding
35,908,845 36,742,862 36,049,369 36,812,548 
Diluted:
Basic weighted average common shares outstanding
35,908,845 36,742,862 36,049,369 36,812,548 
Effect of potentially dilutive common shares (2)
79,889 133,686 144,246 160,476 
Total diluted weighted average common shares outstanding
35,988,734 36,876,548 36,193,615 36,973,024 
(1)Represents dividends paid and undistributed earnings allocated to unvested restricted stock awards.
(2)Represents the effect of the assumed exercise of stock options and vesting of restricted stock awards and units.
Potential dilutive shares are excluded from the computation of earnings per share if their effect is anti-dilutive. Anti-dilution occurs when the exercise price of a stock option or the unrecognized compensation cost per share of a restricted stock award exceeds the market price of the Company’s stock. For the three and nine months ended September 30, 2020, there were 222,818 and 140,217 anti-dilutive shares outstanding, respectively. For the three and nine months ended September 30, 2019, there were 108,501 and 70,372 anti-dilutive shares outstanding, respectively.
(b) Dividends
The timing and amount of cash dividends paid on the Company's common stock depends on the Company’s earnings, capital requirements, financial condition and other relevant factors. Dividends on common stock from the Company depend substantially upon receipt of dividends from the Bank, which is the Company’s predominant source of income.
The following table summarizes the dividend activity for the nine months ended September 30, 2020 and calendar year 2019:
DeclaredCash Dividend per ShareRecord DatePaid Date
January 23, 2019$0.18February 7, 2019February 21, 2019
April 24, 2019$0.18May 8, 2019May 22, 2019
July 24, 2019$0.19August 8, 2019August 22, 2019
October 23, 2019$0.19November 7, 2019November 21, 2019
October 23, 2019$0.10November 7, 2019November 21, 2019*
January 22, 2020$0.20February 6, 2020February 20, 2020
April 29, 2020$0.20May 13, 2020May 27, 2020
July 22, 2020$0.20August 5, 2020August 19, 2020
* Denotes a special dividend.
The FDIC and the Washington State Department of Financial Institutions, Division of Banks have the authority under their supervisory powers to prohibit the payment of dividends by the Bank to the Company. Additionally, current guidance from the Federal Reserve provides, among other things, that dividends per share on the Company’s common stock generally should not exceed earnings per share, measured over the previous four fiscal quarters. Current regulations allow the Company and the Bank to pay dividends on their common stock if the Company’s or the Bank’s regulatory capital would not be reduced below the statutory capital requirements set by the Federal Reserve and the FDIC.
(c) Stock Repurchase Program
The Company has had various stock repurchase programs since March 1999. On October 23, 2014. the Company's Board of Directors authorized the repurchase of up to 5% of the Company's outstanding common shares, or approximately 1,513,000 shares, under the eleventh stock repurchase plan. As of March 2020, all shares have been repurchased under this plan. On March 12, 2020 the Company's Board of Directors authorized the repurchase of up to 5% of the Company's outstanding common shares, or 1,799,054 shares, under the twelfth stock repurchase plan. The number, timing and price of shares repurchased will depend on business and market conditions and other factors, including opportunities to deploy the Company's capital.
No shares were repurchased under the Company's stock repurchase plans during the three months ended September 30, 2020 as the Company has suspended repurchases in response to the COVID-19 pandemic.
During the nine months ended September 30, 2020, the Company repurchased 639,922 shares under the eleventh stock repurchase plan at a weighted average price per share of $23.95 and repurchased 155,778 shares at a weighted average share price of $20.34 under the twelfth stock repurchase plan, which is a total of 795,700 shares under both plans at a weighted average share price of $23.25.
During the three and nine months ended September 30, 2019, the Company repurchased 264,712 and 292,712 shares, respectively, under the eleventh stock repurchase plan at a weighted average price per share of $26.23 and $26.50, respectively.
In addition to the stock repurchases under a stock repurchase plan, the Company repurchases shares to pay withholding taxes on the vesting of restricted stock awards and units. The following table provides total shares repurchased to pay withholding taxes during the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Repurchased shares to pay withholding taxes 378 405 28,306 28,434 
Stock repurchase to pay withholding taxes average share price
$19.84 $27.67 $21.54 $30.83