Earnings Per Share

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024 and the treasury stock method was used to determined earnings per share for the three months ended March 31, 2023.

The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:


	Three months ended March 31,
(in thousands, except share and per share data)	2024			2023
Numerator for Earnings per Share—Basic and Diluted:
Net income—Treasury Stock Method—Basic and Diluted		$	31,239		$	39,799
Less: Income allocated to participating shares		12			45
Net Income Allocated to Shareholders—Two-Class Method—Basic and Diluted		$	31,227		$	39,754













Denominator for Earnings per Share—Treasury Stock Method—Basic and Diluted:
Weighted Average Shares Outstanding—Basic		38,192,235			38,865,669
Add: Potentially dilutive shares		239,514			166,393
Denominator for Treasury Stock Method—Diluted		38,431,749			39,032,062

Denominator for Earnings per Share—Two-Class Method—Basic and Diluted:
Weighted Average Shares Outstanding—Basic		38,192,235			38,865,669
Add: Average participating shares outstanding		225,850			108,991
Denominator for Two-Class Method—Diluted		38,418,085			38,974,660


Earnings per share—basic		$	0.82		$	1.02
Earnings per share—diluted		$	0.81		$	1.02

Restricted stock considered anti-dilutive excluded from potentially dilutive shares		71			1,133