Earnings Per Share

9 Months Ended

Sep. 30, 2024

Basic earnings per common share is computed by dividing net income, less preferred stock dividends and accretion of preferred stock issuance costs, by the weighted average number of common shares outstanding for the period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per share attributable to common stockholders is computed based on the weighted average number of shares of common stock and dilutive securities outstanding during the period. Dilutive securities are common stock equivalents that are freely exercisable into common stock at less than market prices or otherwise dilute earnings if converted. The net effect of common stock equivalents is based on the incremental common stock that would be issued upon the vesting of restricted stock using the treasury stock method. Common stock equivalents are not included in diluted earnings per share when their inclusion is antidilutive. Additionally, redeemable preferred stock is not convertible and does not affect dilutive shares.

There were no anti-dilutive shares for the three months ended September 30, 2024. There were approximately 900 anti-dilutive weighted shares excluded from the computation of diluted weighted average income per common share for the nine months ended September 30, 2024. There were no anti-dilutive shares for the three and nine months ended September 30, 2023.

The following table presents the calculation of basic and diluted earnings per share (in thousands, except per share data):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net income attributable to common shareholders	$	23,133	$	13,778	$	84,754	$	30,334

Basic weighted average common shares outstanding	6,582		6,365		6,513		6,282
Potentially dilutive common shares	277		101		232		172
Diluted weighted average common shares outstanding	6,859		6,466		6,745		6,454

Basic weighted average income per common share	$	3.51	$	2.16	$	13.01	$	4.83
Diluted weighted average income per common share	$	3.37	$	2.13	$	12.57	$	4.70