Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. Anti-dilutive shares are those SARs with prices in excess of the current market value. The calculations of basic and diluted earnings per share are as follows:

	Three Months Ended March 31,
(In thousands except share and per share data)	2020		2019
Basic
Net income	$	7,545	$	8,163
Weighted-average common shares outstanding		14,422,813		14,455,527
Basic earnings per share	$	.52	$	.56

Diluted
Net income	$	7,545	$	8,163
Weighted-average common shares outstanding		14,422,813		14,455,527
Effect of dilutive restricted stock and stock appreciation rights		207,700		253,168
Weighted-average common shares outstanding assuming dilution		14,630,513		14,708,695
Diluted earnings per share	$	.52	$	.55