Earnings Per Share

6 Months Ended

Jun. 30, 2025

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 approximately 537,000 and 333,000 anti-dilutive weighted shares excluded from the computation of diluted weighted average income per common share for the three and six months ended June 30, 2025, respectively. There were approximately 3,000 anti-dilutive shares excluded from the computation of diluted weighted average income per common share for the three and six months ended June 30, 2024.

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



	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net income attributable to common shareholders	$	58,955	$	41,664	$	74,431	$	61,621

Basic weighted average common shares outstanding	6,789		6,570		6,698		6,479
Potentially dilutive common shares	201		144		297		208
Diluted weighted average common shares outstanding	6,990		6,714		6,995		6,687

Basic weighted average income per common share	$	8.68	$	6.34	$	11.11	$	9.51
Diluted weighted average income per common share	$	8.43	$	6.21	$	10.64	$	9.22