Earnings Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings per Common Share

The following table presents the calculation of EPS:


(Dollars and shares in thousands, except per share amounts)
Years ended December 31,	2024	2023	2022
Earnings for basic and diluted EPS calculations:
Net (loss) income	($28,059)	$48,176	$71,681
Less: dividends and undistributed earnings allocated to participating securities	21	(85)	(202)
Net (loss) income available to common shareholders	($28,038)	$48,091	$71,479

Shares for basic and diluted EPS calculations:
Weighted average common shares outstanding for basic EPS	17,149	17,033	17,246
Dilutive effect of common stock equivalents	—	29	135
Weighted average common and potential common shares outstanding for diluted EPS	17,149	17,062	17,381

EPS:
Basic (loss) earnings per common share	($1.63)	$2.82	$4.14
Diluted (loss) earnings per common share	($1.63)	$2.82	$4.11

Awards excluded from the calculation of diluted EPS:
Weighted average anti-dilutive common stock equivalents (1)	481	466	150

(1)For 2024, the dilutive effect of common stock equivalents was excluded from the calculation of diluted EPS because the Corporation reported a net loss and the inclusion would have an anti-dilutive effect. For 2023 and 2022, weighted average anti-dilutive common stock equivalents represent share-based compensation awards not included in the calculation of common shares outstanding for purposes of calculating diluted EPS as the grant prices were greater than the average market price of Bancorp’s common stock, and therefore were anti-dilutive.