EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

18. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock, and prior to 2021, if all likely aggregate PSAs were issued. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA and performance-based share awards (“PSA”) shares not yet awarded are recognized as a special class of participating

securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

	Year Ended December 31,
(In thousands except share and per share amounts)	2024		2023		2022
Net income available to common stockholders	$	21,798	$	88,808	$	145,270
Less: Dividends paid and earnings allocated to participating securities		(377)		(1,240)		(1,688)
Income attributable to common stock	$	21,421	$	87,568	$	143,582
Weighted-average common shares outstanding, including participating securities		39,657,985		38,754,346		38,985,314
Less: weighted-average participating securities		(724,931)		(566,869)		(446,480)
Weighted-average common shares outstanding		38,933,054		38,187,477		38,538,834
Basic EPS	$	0.55	$	2.29	$	3.73
Income attributable to common stock	$	21,421	$	87,568	$	143,582
Weighted-average common shares outstanding		38,933,054		38,187,477		38,538,834
Weighted-average common equivalent shares outstanding		—		—		—
Weighted-average common and equivalent shares outstanding		38,933,054		38,187,477		38,538,834
Diluted EPS	$	0.55	$	2.29	$	3.73

Common and equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were 26,995, 69,479 and 134,447 weighted-average stock options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.