EPS (Tables)

12 Months Ended

Dec. 31, 2021

Computation of Basic and Diluted Earnings Per Share

The following is an analysis of basic and diluted EPS, reflecting the application of the two-class method, as described below:


	For the Year Ended December 31,
(In thousands, except number of shares and per share data)	2021		2020		2019
Net income	$	69,014	$	59,486	$	57,203
Dividends and undistributed earnings allocated to participating securities(1)	(190)		(149)		(120)
Net income available to common shareholders	$	68,824	$	59,337	$	57,083
Weighted-average common shares outstanding for basic EPS	14,903,855		14,985,235		15,407,289
Dilutive effect of stock-based awards(2)	67,723		38,532		45,733
Weighted-average common and potential common shares for diluted EPS	14,971,578		15,023,767		15,453,022
Earnings per common share:
Basic EPS	$	4.62	$	3.96	$	3.70
Diluted EPS	$	4.60	$	3.95	$	3.69
Awards excluded from the calculation of diluted EPS(3):
Performance-based share units	2,403		1,849		—
Stock options	—		1,000		—

(1) Represents dividends paid and undistributed earnings allocated to non-vested stock-based awards that contain non-forfeitable rights to dividends.

(2) Represents the assumed dilutive effect of unexercised and/or unvested stock options, restricted shares and restricted share units, and contingently issuable performance-based awards utilizing the treasury stock method.

(3) Represents stock-based awards not included in the computation of potential common shares for purposes of calculating diluted EPS as the exercise prices were greater than the average market price of the Company's common stock, and, therefore, are considered anti-dilutive.