Earnings per Common Share

3 Months Ended

Mar. 31, 2024

Earnings per Common Share –

Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock options and unvested restricted stock awards (“RSAs”), excluding any that were antidilutive. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method.


	For the Three Months Ended March 31,
	2024		2023
	(Dollars in thousands, except per share data)
Numerator:
Net Income	$	13,570	$	15,025
Less: Preferred Stock Dividends	1,350		1,350
Net Income Available to Common Shares	$	12,220	$	13,675
Denominator:
Weighted Average Common Shares Outstanding	25,127,187		24,979,955
Dilutive Effect of Stock Options and RSAs	302,007		242,353
Weighted Average Dilutive Common Shares	25,429,194		25,222,308

Basic Earnings Per Common Share From Net Income Available to Common Shares	$	0.49	$	0.55

Diluted Earnings Per Common Share From Net Income Available to Common Shares	$	0.48	$	0.54