Earnings Per Share

12 Months Ended

Dec. 31, 2023

Note 21 — Earnings Per Share

The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that shared in earnings.

The following table presents the basic and diluted income per share calculations for the years ended December 31, 2023, 2022, and 2021:


	December 31,
	2023		2022		2021
	(In thousands, except per share data)
Basic EPS:
Net income	$	52,273	$	32,211	$	29,224
Less: earnings attributable to participating securities		753		491		8,589
Net earnings attributable to common shareholders	$	51,520	$	31,720	$	20,635
Weighted average common shares outstanding		32,206		31,913		22,813
Basic earnings per common share	$	1.60	$	0.99	$	0.90
Diluted EPS:
Net income attributable to common shareholders	$	52,273	$	31,720	$	20,635
Weighted average common shares outstanding		32,206		31,913		22,813
Add dilutive effects for assumed conversion of Series A preferred stock		—		—		8,989
Add dilutive effects for warrants		2,020		2,025		1,974
Add dilutive effects for stock options		14		5		3
Add dilutive effects of unvested restricted stock awards		173		188		203
Add dilutive effects of unvested performance-based stock units		71		—		—
Weighted average diluted common shares outstanding		34,484		34,131		33,982
Diluted earnings per common share	$	1.52	$	0.94	$	0.86

The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would have been anti-dilutive (in-thousands):


	December 31,
	2023		2022		2021
Stock options		5		773		773
Shares equivalents excluded from EPS		5		773		773