Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

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,	2025	2024	2023
Earnings for basic and diluted EPS calculations:
Net income (loss)	$52,244	($28,059)	$48,176
Less: dividends and undistributed earnings allocated to participating securities	—	(21)	85
Net income (loss) available to common shareholders	$52,244	($28,038)	$48,091

Shares for basic and diluted EPS calculations:
Weighted average common shares outstanding for basic EPS	19,180	17,149	17,033
Dilutive effect of common stock equivalents	101	—	29
Weighted average common and potential common shares outstanding for diluted EPS	19,281	17,149	17,062

EPS:
Basic earnings (loss) per common share	$2.72	($1.63)	$2.82
Diluted earnings (loss) per common share	$2.71	($1.63)	$2.82

Shares excluded from the calculation of diluted EPS:
Weighted average anti-dilutive common stock equivalents (1)	431	481	466

(1)For 2025 and 2023, 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. 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.