Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHAREDiluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. The two-class method was used to determine earnings per share for the three and nine months ended September 30, 2022 and 2021. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:

	Three months ended September 30,						Nine months ended September 30,
(in thousands, except share and per share data)	2022			2021			2022			2021
Numerator for Earnings per Share—Basic and Diluted:
Net income		$	37,249		$	27,598		$	95,250		$	87,866
Less: Income allocated to participating shares		98			125			223			408
Net Income Allocated to Shareholders		$	37,151		$	27,473		$	95,027		$	87,458
Denominator for Earnings per Share - Basic and Diluted:
Weighted Average Shares Outstanding—Basic		38,937,771			39,060,616			39,030,325			39,044,412
Add: Average participating shares outstanding		37,374			1,464			18,826			458
Denominator for Two-Class Method—Diluted		38,975,145			39,062,080			39,049,151			39,044,870
Earnings per share—basic		$	0.95		$	0.71		$	2.43		$	2.25
Earnings per share—diluted		$	0.95		$	0.70		$	2.43		$	2.24
Restricted stock considered anti-dilutive excluded from potentially dilutive shares		655			163			1,027			615