Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

15. Earnings per Share

The following represents a reconciliation between basic and diluted earnings per share:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(dollars in thousands, except per share data)
Earnings per common share - basic:
Numerator:
Net income	$	6,544		$	14,616		$	26,075		$	41,590
Less dividends and undistributed earnings allocated    to participating securities		(5	)		(73	)		(22	)		(207	)
Net income applicable to common shareholders	$	6,539		$	14,543		$	26,053		$	41,383
Denominator:
Weighted average common shares outstanding		7,840			6,972			7,825			6,962
Earnings per common share - basic	$	0.83		$	2.09		$	3.33		$	5.94
Earnings per common share - diluted:
Numerator:
Net income	$	6,544		$	14,616		$	26,075		$	41,590
Less dividends and undistributed earnings allocated    to participating securities		(5	)		(73	)		(22	)		(207	)
Net income applicable to common shareholders	$	6,539		$	14,543		$	26,053		$	41,383
Denominator:
Weighted average common shares outstanding		7,840			6,972			7,825			6,962
Dilutive effect of common stock equivalents		23			47			23			48
Weighted average diluted common shares outstanding		7,863			7,019			7,848			7,010
Earnings per common share - diluted	$	0.83		$	2.07		$	3.32		$	5.90