Earnings per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2025, options to purchase shares of the Company’s common stock totaling 144,826 and 327,859, respectively, were anti-dilutive. 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2025		2024		2025		2024
Basic EPS
Net income	$	36,467	$	30,651	$	110,618	$	86,901
Average common shares outstanding	86,619		84,434		85,398		84,319
Net income per share	$	0.42	$	0.36	$	1.30	$	1.03

Diluted EPS
Net income	$	36,467	$	30,651	$	110,618	$	86,901
Average common shares outstanding	86,619		84,434		85,398		84,319
Add: Dilutive effect of employee restricted stock and stock options	806		635		756		596
Average diluted shares outstanding	87,425		85,069		86,154		84,915
Net income per share	$	0.42	$	0.36	$	1.28	$	1.02