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Common Stock and Earnings per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Common Stock and Earnings per Share
Common Stock and Earnings per Share
The table below shows activity in the outstanding shares of the Company’s common stock during 2021.
2021
Shares outstanding at January 1 14,392,669 
Issuance of common stock:
Employee restricted stock grants 22,393 
Employee restricted stock units vested 2,232 
Performance-based stock vested18,336 
Employee SARs exercised 7,810 
Directors’ stock grants5,450 
Shares repurchased (713,857)
Shares forfeited (738)
Shares outstanding at December 31
13,734,295 
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.
The calculations of basic and diluted earnings per share are as follows:
December 31,
(In thousands except share and per share data)202120202019
Basic:
Net income $28,604 $25,176 $30,404 
Weighted average common shares outstanding 14,091,773 14,364,406 14,434,445 
Basic earnings per share $2.03 $1.75 $2.11 
Diluted:
Net income $28,604 $25,176 $30,404 
Weighted average common shares outstanding 14,091,773 14,364,406 14,434,445 
Effect of dilutive restricted stock, performance based restricted stock
 (“PBRS”), and SARs
238,103 202,541 257,480 
Weighted average common shares outstanding assuming dilution 14,329,876 14,566,947 14,691,925 
Diluted earnings per share $2.00 $1.73 $2.07