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Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic EPS is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Company's common stock. These restricted stock awards meet the definition of participating
securities based on their respective rights to receive nonforfeitable dividends, and they are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS.

Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. For each of the periods presented in the table below, diluted EPS calculated under two-class method was more dilutive.

The following table presents the calculation of net income applicable to common stockholders and basic and diluted EPS for the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30,Six Months Ended June 30,
($ in thousands, except share and per share data)2024202320242023
Basic
Net income$5,436 $6,091 $10,662 $13,625 
Distributed and undistributed earnings allocated to participating securities(103)(127)(201)(286)
Net income allocated to common shares$5,333 $5,964 $10,461 $13,339 
Weighted average common shares outstanding14,868,344 15,158,365 14,930,090 15,221,010 
Basic earnings per common share$0.36 $0.39 $0.70 $0.88 
Diluted
Net income allocated to common shares$5,333 $5,964 $10,461 $13,339 
Weighted average common shares outstanding for basic earnings per common share
14,868,344 15,158,365 14,930,090 15,221,010 
Add: Dilutive effects of assumed exercises of stock options— 11,429 — 20,893 
Average shares and dilutive potential common shares14,868,344 15,169,794 14,930,090 15,241,903 
Diluted earnings per common share$0.36 $0.39 $0.70 $0.88 

No share of common stock was antidilutive for the three and six months ended June 30, 2024 and 2023.