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Earnings Per Share
 9 Months Ended
Sep. 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 September 30,

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Nine months ended September 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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$

41,982

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$

34,453

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$

130,008

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$

74,865

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Denominator:

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Weighted average shares of common stock outstanding

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11,692

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11,766

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11,739

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11,772

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Effect of dilutive common stock equivalents

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93

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91

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101

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68

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Weighted average shares of common stock outstanding

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11,785

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11,857

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11,840

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11,840

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Earnings per share - basic

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$

3.59

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$

2.93

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$

11.07

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$

6.36

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Earnings per share - diluted

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$

3.56

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$

2.91

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$

10.98

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$

6.32

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The calculation of diluted EPS excluded 0 and 88 antidilutive options outstanding for the three months ended September 30, 2021 and 2020, respectively, and 0 and 545 antidilutive options outstanding for the nine months ended September 30, 2021 and 2020, respectively.  The calculation of diluted EPS also excluded 218 and 0 antidilutive restricted stock awards for the three months ended September 30, 2021 and 2020, respectively, and 306 and 3,620 antidilutive restricted stock awards for the nine months ended September 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.