Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

	For the Year Ended December 31,
	2024		2023		2022
Net income available to common shareholders	$	117,101	$	114,365	$	102,071
Less: earnings allocated to participating securities	(1,069)		(1,036)		(958)
Net earnings allocated to common shareholders	$	116,032	$	113,329	$	101,113
Distributed earnings allocated to common shares outstanding	$	43,857	$	40,121	$	36,619
Undistributed earnings allocated to common shares outstanding	72,175		73,208		64,494
Net earnings allocated to common shareholders	$	116,032	$	113,329	$	101,113
Average shares outstanding, basic	14,676		14,868		14,847
Effect of dilutive securities	21		23		26
Average shares outstanding, diluted	14,697		14,891		14,873
Basic earnings per share	$	7.91	$	7.62	$	6.81
Diluted earnings per share	$	7.89	$	7.61	$	6.80

Anti-dilutive options are not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive. Anti-dilutive options were not significant for any of the periods shown above.