Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

The Company computes earnings per share (EPS) in accordance with FASB Accounting Standards Codification (ASC) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share.

Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period.

The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any restricted stock or RSUs become vested.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	10,993	$	15,627	$	27,918	$	32,966
Basic weighted average common shares		19,083,232		19,139,735		19,102,700		19,135,564
Basic earnings per common share	$	0.58	$	0.82	$	1.46	$	1.72
Diluted EPS:
Net income	$	10,993	$	15,627	$	27,918	$	32,966
Diluted weighted average common shares:
Weighted average common shares		19,083,232		19,139,735		19,102,700		19,135,564
Restricted stock and RSUs		63,062		57,020		68,506		64,813
Diluted weighted average common shares		19,146,294		19,196,755		19,171,206		19,200,377
Diluted earnings per common share	$	0.57	$	0.81	$	1.46	$	1.72