Earnings Per Share

12 Months Ended

Dec. 31, 2023

Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The two-class method was used to determine EPS for the twelve months ended December 31, 2023, 2022 and 2021. The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:


	Twelve months ended December 31,
(in thousands, except share and per share data)		2023	2022				2021
Numerator for Earnings per Share—Basic and Diluted:
Net income			$	144,781	$	135,520		$	110,343
Less: Income allocated to participating shares			156		381			492
Net Income Allocated to Shareholders			$	144,625	$	135,139		$	109,851










Denominator for Earnings per Share—Basic:
Weighted Average Shares Outstanding—Basic			38,432,447		38,988,174			39,050,241






Denominator for Earnings per Share—Two-Class Method—Diluted:
Weighted Average Shares Outstanding—Basic			38,432,447		38,988,174			39,050,241
Add: Average participating shares outstanding			222,958		42,760			2,720
Denominator for Two-Class Method—Diluted			38,655,405		39,030,934			39,052,961


Earnings per share—basic			$	3.76	$	3.47		$	2.81
Earnings per share—diluted			$	3.74	$	3.46		$	2.81

Restricted stock considered anti-dilutive excluded from potentially dilutive shares			293		12,654			793