EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2021

4. EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows:


	Three months ended				Nine months ended
	September 30,				September 30,
(In thousands)	2021		2020		2021		2020
Net income available for stockholders:	$	6,687	$	6,535	$	20,578	$	12,450
Less: Adjustments for earnings attributable to participating securities		(131)		(139)		(401)		(273)
Net income used in calculating earnings per share	$	6,556	$	6,396	$	20,177	$	12,177

Weighted average shares outstanding (including participating securities)		33,993		33,928		33,982		33,946
Adjustment for participating securities		(672)		(715)		(672)		(752)
Shares used in calculating basic and diluted earnings per share		33,321		33,213		33,310		33,194