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Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
(a) Earnings Per Common Share
The following table illustrates the calculation of weighted average shares used for earnings per common share computations at December 31, 2020, December 31, 2019 and December 31, 2018:
Year Ended December 31,
202020192018
(In thousands, except shares)
Net income:
Net income$46,570 $67,557 $53,057 
Dividends and undistributed earnings allocated to participating securities (1)
(7)(57)(223)
Net income allocated to common shareholders$46,563 $67,500 $52,834 
Basic:
Weighted average common shares outstanding36,018,627 36,789,244 35,281,408 
Restricted stock awards(4,182)(31,014)(87,405)
Total basic weighted average common shares outstanding36,014,445 36,758,230 35,194,003 
Diluted:
Basic weighted average common shares outstanding36,014,445 36,758,230 35,194,003 
Effect of potentially dilutive common shares (2)
155,621 227,536 177,587 
Total diluted weighted average common shares outstanding36,170,066 36,985,766 35,371,590 
(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 years ended December 31, 2020 and December 31, 2019, there were 137,093 and 1,501 anti-dilutive shares outstanding, respectively. For the year ended December 31, 2018, there were no anti-dilutive shares outstanding.

(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 during the most recent three year period:
DeclaredCash Dividend per ShareRecord DatePaid Date
January 24, 2018$0.15February 7, 2018February 21, 2018
April 25, 2018$0.15May 10, 2018May 24, 2018
July 24, 2018$0.15August 9, 2018August 23, 2018
October 24, 2018$0.17November 7, 2018November 21, 2018
October 24, 2018$0.10November 7, 2018November 21, 2018*
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
October 21, 2020$0.20November 4, 2020November 18, 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 had been repurchased under this plan. On March 12, 2020 the Company's Board of Directors additionally 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.
During the year ended December 31, 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 under the twelfth stock repurchase plan at a weighted average share price of $20.34, which is a total of 795,700 shares under both plans at a weighted average share price of $23.25.
During the year ended December 31, 2019, the Company repurchased 292,712 shares under the eleventh stock repurchase plan with a weighted average price per share of $26.50. No shares were repurchased under the eleventh stock repurchase plan during the year ended December 31, 2018.
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:
Year Ended December 31,
202020192018
Repurchased shares to pay withholding taxes (1)
28,887 28,479 53,256 
Stock repurchase to pay withholding taxes average share price$21.57 $30.83 $31.99 
(1) During the year ended December 31, 2018, the Company repurchased 26,741 shares related to the withholding taxes due on the accelerated vesting of the restricted stock units of Puget Sound which were converted to Heritage common stock shares with an average share price of $31.80 under the terms of the Puget Sound Merger. See Note (2) Business Combinations.
(d) Issuance of Common Stock
In conjunction with the Premier Merger effective on July 2, 2018 and the Puget Sound Merger effective on January 16, 2018, Heritage issued 2,848,579 and 4,112,258 shares, respectively, of the Company's common stock at the merger date share price of $34.85 and $31.80, respectively, for a fair value of $99.3 million and $130.8 million, respectively.
In addition, common stock was issued during the years ended December 31, 2020, 2019 and 2018 related to the exercise of stock options and issuance of restricted stock awards as further described in Note (19) Stock-Based Compensation.