Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine reported basic and diluted earnings per share. The two-class method was more dilutive in 2024, 2023 and 2022 and therefore was used to determine earnings per share.

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)		2024	2023				2022
Numerator for Earnings per Share—Basic and Diluted:
Net income			$	131,265	$	144,781		$	135,520
Less: Income allocated to participating shares			13		156			381
Net Income Allocated to Shareholders			$	131,252	$	144,625		$	135,139




















Denominator for Earnings per Share—Two-Class Method:
Weighted Average Shares Outstanding—Basic			38,237,531		38,432,447			38,988,174
Add: Average participating shares outstanding			286,157		222,958			42,760
Denominator for Two-Class Method—Diluted			38,523,688		38,655,405			39,030,934


Earnings per share—basic			$	3.43	$	3.76		$	3.47
Earnings per share—diluted			$	3.41	$	3.74		$	3.46

Restricted stock considered anti-dilutive excluded from potentially dilutive shares			190		293			12,654