Earnings per Share

6 Months Ended

Jun. 30, 2025

Note 2 – Earnings per Share

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 EPS 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 six months ended June 30, 2025, options to purchase shares of the Company’s common stock totaling 328,775 and 327,799, respectively, were anti-dilutive. For the three and six months ended June 30, 2024, options to purchase shares of the Company’s common stock totaling 327,805 and 328,166, respectively, were anti-dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands, except per share data)	2025		2024		2025		2024
Basic EPS
Net income	$	42,687	$	30,244	$	74,151	$	56,250
Average common shares outstanding	84,903		84,341		84,776		84,260
Net income per share	$	0.50	$	0.36	$	0.87	$	0.67

Diluted EPS
Net income	$	42,687	$	30,244	$	74,151	$	56,250
Average common shares outstanding	84,903		84,341		84,776		84,260
Add: Dilutive effect of employee restricted stock and stock options	576		475		678		539
Average diluted shares outstanding	85,479		84,816		85,454		84,799
Net income per share	$	0.50	$	0.36	$	0.87	$	0.66