Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

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Earnings Per Share
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Earnings per share computations are based upon the following table:
(In thousands, except per share data) 2019 2018 2017
Net Income $ 52,017    $ 46,803    $ 19,679   
Basic Earnings Weighted Average Shares 32,028    32,351    32,874   
Net Effect of Dilutive Stock Options 431    785    844   
Diluted Earnings Weighted Average Shares 32,459    33,136    33,718   
Basic Earnings Per Share $ 1.62    $ 1.45    $ 0.60   
Diluted Earnings Per Share $ 1.60    $ 1.41    $ 0.58   
The above information has been adjusted to reflect the impact of the three-for-twenty distribution of Class B Stock for shareholders of record on October 12, 2018.
Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The number of common shares excluded from the computation was approximately 0.5 million for the year ended December 31, 2019, 0.2 million for the year ended December 31, 2018, and 0.1 million for the year ended December 31, 2017.