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Earnings per Share | 3 Months Ended
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Mar. 31, 2021
Earnings Per Share [Abstract] |
Earnings per Share | Note 9 — Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. For diluted EPS, weighted-average number of common shares includes the impact of unvested restricted stock under the treasury method. Unvested restricted stock containing rights to non-forfeitable dividends are considered participating securities prior to vesting and have been included in the earnings allocation in computing basic and diluted EPS under the two-class method. The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Basic EPS |  |  |  |  |  |  |  |
Net income |  | $ | 16,659 |  |  | $ | 2,350 |
Less: income allocated to unvested restricted stock |  |  | 100 |  |  |  | 18 |
Income allocated to common shares |  | $ | 16,559 |  |  | $ | 2,332 |
Weighted-average shares for basic EPS |  |  | 30,461,681 |  |  |  | 30,469,022 |
Basic EPS (1) |  | $ | 0.54 |  |  | $ | 0.08 |
Effect of dilutive stock options and unvested performance restricted stock |  |  | 12,289 |  |  |  | 3,877 |
Diluted EPS |  |  |  |  |  |  |  |
Income allocated to common shares |  | $ | 16,559 |  |  | $ | 2,332 |
Weighted-average shares for diluted EPS |  |  | 30,473,970 |  |  |  | 30,472,899 |
Diluted EPS (1) |  | $ | 0.54 |  |  | $ | 0.08 |
(1) | Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding.
There were no anti-dilutive stock options outstanding for the three months ended March 31, 2021 or 2020, respectively. During the three months ended March 31, 2021, the Company issued an additional 42,626 performance stock units to executive officers from the 2013 Equity Compensation plan fair valued at $784,000 on the grant date of March 24, 2021. These units have a three-year cliff vesting period and include dividend equivalent rights. Total performance stock units outstanding as of March 31, 2021 was 66,563 with an aggregate grant fair value of $1.0 million. As of March 31, 2020, there were no performance stock units outstanding.

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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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