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Stockholders' Equity
 9 Months Ended
Sep. 30, 2022
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 for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
(In thousands, except shares)
Net income$20,990 $20,592 $59,331 $78,638 
Basic:
Weighted average common shares outstanding35,103,984 35,644,192 35,103,048 35,854,258 
Diluted:
Basic weighted average common shares outstanding35,103,984 35,644,192 35,103,048 35,854,258 
Effect of potentially dilutive common shares (1)
364,906 285,326 335,624 297,794 
Total diluted weighted average common shares outstanding35,468,890 35,929,518 35,438,672 36,152,052 
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2)
3,026 16,002 13,662 7,083 
(1)Represents the effect of the vesting of restricted stock units.
(2) Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit exceeds the market price of the Company’s stock.
(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 nine months ended September 30, 2022 and the calendar year 2021:
DeclaredCash Dividend per ShareRecord DatePaid Date
January 27, 2021$0.20February 10, 2021February 24, 2021
April 21, 2021$0.20May 5, 2021May 19, 2021
July 21, 2021$0.20August 4, 2021August 18, 2021
October 20, 2021$0.21November 3, 2021November 17, 2021
January 26, 2022$0.21February 9, 2022February 23, 2022
April 20, 2022$0.21May 4, 2022May 18, 2022
July 20, 2022$0.21August 3, 2022August 17, 2022
The FDIC and the Washington State Department of Financial Institutions, Division of Banks have the authority under their supervisory powers to prohibit the payment of dividends by the Bank to the Company. Additionally, current guidance from the Federal Reserve provides, among other things, that dividends per share on the Company’s common stock generally should not exceed earnings per share, measured over the previous four fiscal quarters. Current regulations allow the Company and the Bank to pay dividends on their common stock if the Company’s or the Bank’s regulatory capital would not be reduced below the statutory capital requirements set by the Federal Reserve and the FDIC.
(c) Stock Repurchase Program
The Company has had various stock repurchase programs since March 1999. On March 12, 2020, the Company's Board of Directors authorized the repurchase of up to 5% of the Company's outstanding common shares, or 1,799,054 shares, under the twelfth stock repurchase plan. The number, timing and price of shares repurchased under the twelfth stock repurchase plan will depend on business and market conditions and other factors, including opportunities to deploy the Company's capital.
The following table provides total repurchased shares and average share prices under the repurchase plan for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Plan Total(1)
Repurchased shares— 841,088 100,090 841,088 1,160,840 
Stock repurchase average share price$— $24.54 $25.07 $24.54 $23.94 
(1)Represents shares repurchased and average price per share paid during the duration of the repurchase plan.
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,
2022202120222021
Repurchased shares to pay withholding taxes100 220 26,280 26,023 
Stock repurchase to pay withholding taxes average share price$26.94 $23.91 $25.40 $29.29