Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings per share in the table below, for the three month periods ended March 31, 2024 and 2023 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share (ASC 260). ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Prior to 2019, the Company issued restricted stock awards that contained such rights and are therefore considered participating securities. Since 2019, the Company has issued restricted stock awards that do not have nonforfeitable rights to dividends and are therefore not considered participating securities. Basic earnings per common share are calculated by dividing net income allocable to common stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings per common share include the dilutive effect of participating securities.


	Three Months Ended
(In thousands, except share and per share data)	03/31/2024		03/31/2023
Basic
Net income available to common shareholders	$	16,872	$	19,381
Less: income attributable to unvested stock-based compensation awards	0		(18)
Net earnings allocated to common shareholders	16,872		19,363

Weighted average shares outstanding, including unvested stock-based compensation awards	14,405,747		14,520,092

Less: average unvested stock-based compensation awards	(193,837)		(193,497)
Weighted average shares outstanding - Basic	14,211,910		14,326,595

Diluted
Net earnings allocated to common shareholders	16,872		19,363

Weighted average shares outstanding - Basic	14,211,910		14,326,595

Plus: incremental shares from assumed conversion of stock-based compensation awards	26,447		63,078
Weighted average shares outstanding - Diluted	14,238,357		14,389,673

Basic EPS	$	1.19	$	1.35
Diluted EPS	$	1.18	$	1.35

Stock-based compensation awards representing 110,135 and 2,860 of common shares during the three months ended March 31, 2024 and 2023, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.