Earnings per Share

12 Months Ended

Dec. 31, 2023

Note 23—Earnings per Share

A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 871,699, 930,852, and 1,507,745 shares of common stock were outstanding as of December 31, 2023, 2022, and 2021, respectively. There were 627,271, 581,337, and 542,520 restricted stock awards outstanding at December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, 2022 and 2021, there were no stock options outstanding excluded from the calculation of diluted earnings per common share for anti-dilutive purposes. There were no non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents as of December 31, 2023, 2022 or 2021.


	Years ended December 31,
	2023		2022		2021
Net income	$	107,878	$	87,954	$	92,785
Less: Dividends on preferred shares		—		196		783
Net income available to common stockholders	$	107,878	$	87,758	$	92,002
Weighted-average common stock outstanding:
Weighted-average common stock outstanding (basic)		40,045,208		36,972,972		37,609,723
Incremental shares		400,345		503,148		759,344
Weighted-average common stock outstanding (dilutive)		40,445,553		37,476,120		38,369,067
Basic earnings per common share	$	2.69	$	2.37	$	2.45
Diluted earnings per common share	$	2.67	$	2.34	$	2.40