EPS (Tables)

9 Months Ended

Sep. 30, 2022

Analysis 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except number of shares and per share data)	2022		2021		2022		2021
Net income	$	14,267	$	14,640	$	46,088	$	52,523
Dividends and undistributed earnings allocated to participating securities(1)	(39)		(40)		(121)		(145)
Net income available to common shareholders	$	14,228	$	14,600	$	45,967	$	52,378
Weighted-average common shares outstanding for basic EPS	14,619,460		14,931,056		14,670,450		14,930,387
Dilutive effect of stock-based awards(2)	55,872		67,957		57,899		66,154
Weighted-average common and potential common shares for diluted EPS	14,675,332		14,999,013		14,728,349		14,996,541
Earnings per common share:
Basic EPS	$	0.97	$	0.98	$	3.13	$	3.51
Diluted EPS	$	0.97	$	0.97	$	3.12	$	3.49
Awards excluded from the calculation of diluted EPS(3):

Performance-based awards	3,903		3,382		—		—

(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, 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.