Earnings per Share

9 Months Ended

Sep. 30, 2024

Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method.

For the three and nine months ended September 30, 2024, options to purchase shares of the Company’s common stock totaling 327,006 and 328,045, respectively, were anti-dilutive. For the three and nine months ended September 30, 2023, 368,968 options to purchase shares of the Company’s common stock were anti-dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2024		2023		2024		2023
Basic earnings per share
Net income	$	30,651	$	31,414	$	86,901	$	74,490
Average common shares outstanding	84,434		85,142		84,319		83,457
Net income per share	$	0.36	$	0.37	$	1.03	$	0.89

Diluted earnings per share
Net income	$	30,651	$	31,414	$	86,901	$	74,490
Average common shares outstanding	84,434		85,142		84,319		83,457
Add: Dilutive effect of employee restricted stock and stock options	635		524		596		536
Average diluted shares outstanding	85,069		85,666		84,915		83,993
Net income per share	$	0.36	$	0.37	$	1.02	$	0.89