EPS (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Net income	$	43,383	$	61,439	$	69,014
Dividends and undistributed earnings allocated to participating securities(1)	(53)		(162)		(190)
Net income available to common shareholders	$	43,330	$	61,277	$	68,824
Weighted-average common shares outstanding for basic EPS	14,563,380		14,644,170		14,903,855
Dilutive effect of stock-based awards(2)	45,965		56,840		67,723
Weighted-average common and potential common shares for diluted EPS	14,609,345		14,701,010		14,971,578
Earnings per common share:
Basic EPS	$	2.98	$	4.18	$	4.62
Diluted EPS	$	2.97	$	4.17	$	4.60
Awards excluded from the calculation of diluted EPS(3):
Performance-based share units	3,075		—		—
Restricted shares	9,049		—		—

(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 restricted shares, restricted share units and contingently issuable performance-based share units 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.