Earnings Per Share

9 Months Ended

Sep. 30, 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 treasury stock method was used to determine EPS for the three months ended September 30, 2024 and the two-class method was used to determine EPS for the nine months ended September 30, 2024 and the three and nine months ended September 30, 2023.

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


	Three months ended September 30,						Nine months ended September 30,
(in thousands, except share and per share data)	2024			2023			2024			2023
Numerator for Earnings per Share—Basic and Diluted:
Net income		$	32,590		$	33,468		$	98,200		$	107,734
Less: Income allocated to participating shares		—			32			13			138
Net Income Allocated to Shareholders		$	32,590		$	33,436		$	98,187		$	107,596















Denominator for Earnings per Share—Treasury Stock Method:
Weighted Average Shares Outstanding—Basic		38,255,184			38,174,804			38,230,458			38,514,617
Add: Potentially dilutive shares		305,225			193,110			336,400			192,055
Denominator for Treasury Stock Method—Diluted		38,560,409			38,367,914			38,566,858			38,706,672

Denominator for Earnings per Share—Two-Class Method:
Weighted Average Shares Outstanding—Basic		38,255,184			38,174,804			38,230,458			38,514,617
Add: Average participating shares outstanding		305,225			161,212			333,263			154,347
Denominator for Two-Class Method—Diluted		38,560,409			38,336,016			38,563,721			38,668,964


Earnings per share—basic		$	0.85		$	0.88		$	2.57		$	2.79
Earnings per share—diluted		$	0.85		$	0.87		$	2.55		$	2.78

Restricted stock considered anti-dilutive excluded from potentially dilutive shares		70			721			247			231