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Earnings Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Earnings Per Share |
13. | Earnings Per Share
The Company computes earnings per share (“EPS”) in accordance with FASB Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period. The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options were exercised or restricted stock becomes vested. The calculation of basic and diluted EPS for the years ended December 31, 2020, 2019 and 2018 are presented below.
|  | For the Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in thousands, except earnings per share amounts) |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income – basic |  | $ | 86,602 |  |  | $ | 92,690 |  |  | $ | 71,632 |
Basic weighted average common shares |  |  | 19,289 |  |  |  | 19,249 |  |  |  | 19,209 |
Basic earnings per share |  | $ | 4.49 |  |  | $ | 4.82 |  |  | $ | 3.73 |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income – diluted |  | $ | 86,602 |  |  | $ | 92,690 |  |  | $ | 71,632 |
Diluted weighted average common shares: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 19,289 |  |  |  | 19,249 |  |  |  | 19,209 |
Restricted stock and stock options |  |  | 75 |  |  |  | 80 |  |  |  | 84 |
Diluted weighted average common shares |  |  | 19,364 |  |  |  | 19,329 |  |  |  | 19,293 |
Diluted earnings per common share |  | $ | 4.47 |  |  | $ | 4.80 |  |  | $ | 3.71 |
The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation.
|  | Years Ended |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Basic weighted average common shares |  |  | 19,288,996 |  |  |  | 19,248,657 |  |  |  | 19,208,978 |
Add: Other common shares eligible for common dividends: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock and stock options |  |  | 74,813 |  |  |  | 80,581 |  |  |  | 84,104 |
Diluted weighted average common shares |  |  | 19,363,809 |  |  |  | 19,329,238 |  |  |  | 19,293,082 |

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- Definition 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 + Details
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