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Earnings Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

3. EARNINGS PER SHARE

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents.

The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data):

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Three months ended June 30,

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Six months ended June 30,

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2021

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2020

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2021

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2020

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Numerator:

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Net income

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$

46,963

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$

21,935

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$

88,026

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$

40,412

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Denominator:

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Weighted average shares of common stock outstanding

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11,753

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11,777

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11,762

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11,774

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Effect of dilutive common stock equivalents

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105

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44

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107

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48

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Weighted average shares of common stock outstanding

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11,858

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11,821

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11,869

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11,822

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Earnings per share - basic

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$

4.00

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$

1.86

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$

7.48

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$

3.43

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Earnings per share - diluted

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$

3.96

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$

1.86

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$

7.42

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$

3.42

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The calculation of diluted EPS excluded 0 and 934 antidilutive options outstanding for the three months ended June 30, 2021 and 2020, respectively, and 0 and 965 antidilutive options outstanding for the six months ended June 30, 2021 and 2020, respectively.  The calculation of diluted EPS also excluded 179 and 5,774 antidilutive restricted stock awards for the three months ended June 30, 2021 and 2020, respectively, and 140 and 10,626 antidilutive restricted stock awards for the six months ended June 30, 2021 and 2020, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed.