XML 41 R26.htm IDEA: XBRL DOCUMENT v3.20.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2020
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 17 – EARNINGS PER SHARE

ASC 260, Earnings Per Share, requires unvested share-based payment awards that have non-forfeitable rights to dividends or dividend equivalents to be treated as a separate class of securities in calculating earnings per share. The Company has granted restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Diluted earnings per share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding restricted stock units were vested. During the year ended December 31, 2020, the restricted stock units were considered anti-dilutive and excluded from the calculation of common stock equivalents. There were no restricted stock units outstanding during the years ended December 31, 2019 and 2018.

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

    

2020

    

2019

    

2018

 

 

(dollars in thousands)

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

36,845

 

$

66,865

 

$

63,799

Earnings allocated to unvested restricted stock units

 

 

(93)

 

 

 —

 

 

 —

Numerator for earnings per share - basic and diluted

 

$

36,752

 

$

66,865

 

$

63,799

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

27,457,306

 

 

20,090,270

 

 

18,047,332

Dilutive effect of outstanding restricted stock units

 

 

 —

 

 

 —

 

 

 —

Weighted average common shares outstanding, including all dilutive potential shares

 

 

27,457,306

 

 

20,090,270

 

 

18,047,332

 

 

 

 

 

 

 

 

 

 

Earnings per share - Basic

 

$

1.34

 

$

3.33

 

$

3.54

Earnings per share - Diluted

 

$

1.34

 

$

3.33

 

$

3.54