Earnings Per Share

6 Months Ended

Jun. 30, 2024

The Company’s restricted stock awards contain non-forfeitable rights to dividends and therefore are considered participating securities. The Company calculates basic and diluted earnings per common share using the two-class method.

Under the two-class method, distributed and undistributed earnings allocable to participating securities are deducted from net income to determine net income allocable to common shareholders, which is then used in the numerator of both basic and diluted earnings per share calculations. Basic earnings per common share is computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding for the reporting period, excluding outstanding participating securities. Diluted earnings per common share is computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding over the reporting period, adjusted to include the effect of potentially dilutive common shares, but excludes awards considered participating securities. The computation of diluted earnings per common share excludes the impact of the assumed exercise or issuance of securities that would have an anti-dilutive effect.

The following tables set forth the Corporation’s earnings per share calculations for the periods indicated:


	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2024		June 30, 2023
Basic
Net income	$	41,905	$	57,636
Less: dividends and undistributed earnings allocated to participating securities	(786)		(995)
Net income allocated to common stockholders	$	41,119	$	56,641

Weighted average common shares outstanding	94,628,201		94,166,083
Basic earnings per common share	$	0.43	$	0.60

Diluted
Net income allocated to common stockholders	$	41,119	$	56,641

Weighted average common shares outstanding	94,628,201		94,166,083
Dilutive effect of share-based compensation	88,004		49,884

Weighted average diluted common shares	94,716,205		94,215,967
Diluted earnings per common share	$	0.43	$	0.60


	Six Months Ended
(Dollars in thousands, except per share data)	June 30, 2024		June 30, 2023
Basic
Net income	$	88,930	$	120,198

Less: dividends and undistributed earnings allocated to participating securities	(1,570)		(1,829)
Net income allocated to common stockholders	$	87,360	$	118,369

Weighted average common shares outstanding	94,489,230		94,012,799
Basic earnings per common share	$	0.92	$	1.26

Diluted
Net income allocated to common stockholders	$	87,360	$	118,369

Weighted average common shares outstanding	94,489,230		94,012,799
Dilutive effect of share-based compensation	108,329		179,542

Weighted average diluted common shares	94,597,559		94,192,341
Diluted earnings per common share	$	0.92	$	1.26

Shares or stock options are excluded from the computations of diluted earnings per share when their inclusion have an anti-dilutive effect. The dilutive impact of these securities could be included in future computations of diluted earnings per share if the market price of the common stock increases. For the three months ended June 30, 2024 and 2023, there were 44,647 and 151,379 weighted average common shares that were anti-dilutive. For the six months ended June 30, 2024 and 2023, there were 25,924 and 42,469 weighted average common shares that were anti-dilutive.