Earnings Per Share

3 Months Ended

Mar. 31, 2023

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 treasury stock method was used to determined earnings per share for the three months ended March 31, 2023 and the two-class method was used to determine earnings per share for the three months ended March 31, 2022. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:

	Three months ended March 31,
(in thousands, except share and per share data)	2023			2022
Numerator for Earnings per Share—Basic and Diluted
Net income		$	39,799		$	29,143
Less: Income allocated to participating shares		45			109
Net Income Allocated to Shareholders		$	39,754		$	29,034
Denominator for Earnings per Share—Basic:
Weighted Average Shares Outstanding—Basic		38,865,669			39,073,754
Denominator for Earnings per Share—Treasury Stock Method—Diluted:
Weighted Average Shares Outstanding—Basic		38,865,669			39,073,754
Add: Potentially dilutive shares		166,393			112,268
Denominator for Treasury Stock Method—Diluted		39,032,062			39,186,022
Denominator for Earnings per Share—Two Class Method —Diluted:
Weighted Average Shares Outstanding—Basic		38,865,669			39,073,754
Add: Average participating shares outstanding		108,991			16,179
Denominator for Two-Class Method—Diluted		38,974,660			39,089,933
Earnings per share—Basic		$	1.02		$	0.74
Earnings per share—Diluted		$	1.02		$	0.74
Restricted stock considered anti-dilutive excluded from potentially dilutive shares		1,133			—