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Earnings Per Common Share And Share Awards (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computation Of Basic And Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share for the three-month periods ended March 31:

						Three Months Ended March 31,
(in thousands, except per share amounts)						2021						2020
Net income (loss)						$	13,823					$	(7,011)
Weighted average common shares outstanding – Basic						1,894						1,890
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)						3						—
Weighted average common shares outstanding – Diluted						1,897						1,890
Basic earnings (loss) per common share						$	7.30					$	(3.71)
Diluted earnings (loss) per common share						$	7.29					$	(3.71)

Summary Of Share-Based Award Transactions

A summary of share-based award transactions for all share-based award plans follows:

(in thousands, except weighted average exercise price and average remaining contractual term)			Number Of Shares						Weighted Average Exercise Price						Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value
Outstanding as of January 1, 2020			30						$	124.13					3.53						$	1,352
SARs granted			14						137.40
SARs exercised			(8)						75.75
Outstanding as of December 31, 2020			36						$	139.16					4.38						$	903
SARs granted			—						—
SARs exercised			(3)						68.70
Outstanding as of March 31, 2021			33						$	145.47					4.49						$	910
Exercisable as of March 31, 2021			26						$	146.55					4.03						$	738
Unvested as of March 31, 2021			7						$	141.37					6.24						$	172

Share-Based Valuation Assumptions

The weighted average fair value for the SARs issued during first quarter 2020 was $35.49 and was estimated using the weighted average assumptions shown in the table below.

			2020
Expected Life in Years			6.2			-			7.0
Volatility			27.2%
Interest Rate			0.8%
Yield Rate			1.0%

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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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