Earnings Per Share

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from exercises of stock options, vesting of performance share units, vesting of restricted stock units, vesting of restricted stock, and conversion of preferred stock.

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for the periods presented (in thousands, except per share data):


	Years Ended December 31,
	2021		2020		2019
Numerator for EPS:
Net income	$	20,407	$	19,105	$	46,514
Less: Preferred stock dividends	(10)		(10)		(10)
Income available to common stockholders	$	20,397	$	19,095	$	46,504
Denominator for EPS:
Weighted average common shares outstanding	31,218		31,884		33,893
Plus: Assumed conversion of share-based compensation (1)	64		63		315
Assumed conversion of preferred stock	25		25		25
Weighted average diluted common shares outstanding	31,307		31,972		34,233
Basic earnings per common share	$	0.65	$	0.60	$	1.37
Diluted earnings per common share	$	0.65	$	0.60	$	1.36
Weighted average number of antidilutive shares	2,113		2,753		773

(1)Represents the dilutive effect of unexercised stock options, unvested performance share units, unvested restricted stock units and unvested restricted stock.