Earnings Per Share

6 Months Ended

Jun. 30, 2024

Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The two-class method was used to determine basic and diluted EPS for the three months ended June 30, 2024 and 2023 and the six month ended June 30, 2023, and and the treasury stock method was used to determined diluted earnings per share for the six months ended June 30, 2024.

The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts):


	Quarter ended June 30,			Six months ended June 30,
	2024		2023	2024	2023
Numerator for earnings per share - Basic and Diluted:
Net income - treasury stock method - Basic and Diluted	$	4,747	33,044	33,910	66,723
Less: Dividends and undistributed earnings allocated to participating securities	7		86	47	174
Net income available to common shareholders - two class method - Basic and Diluted	$	4,740	32,958	33,863	66,549

Denominator for earnings per share - treasury stock method - Basic and Diluted:
Weighted average common shares outstanding - Basic	127,023,522		126,620,383	126,918,878	126,559,784
Add: Potentially dilutive shares	137,853		118,907	426,501	367,074
Denominator for treasury stock method - Diluted	127,161,375		126,739,290	127,345,379	126,926,858

Denominator for earnings per share - two class method - Basic and Diluted:
Weighted average common shares outstanding - Basic	127,023,522		126,620,383	126,918,878	126,559,784
Add: Average participating shares outstanding	175,517		331,088	175,517	331,088
Denominator for two class method - Diluted	127,199,039		126,951,471	127,094,395	126,890,872

Basic earnings per share	$	0.04	0.26	0.27	0.53

Diluted earnings per share	$	0.04	0.26	0.27	0.52

Anti-dilutive awards (1)	2,451		2,902	2,451	2,902

(1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.