EARNINGS APPLICABLE TO COMMON SHAREHOLDERS

9 Months Ended

Sep. 30, 2023

EARNINGS APPLICABLE TO COMMON SHAREHOLDERS

Basic per share data is calculated based on the weighted-average number of common shares outstanding during the reporting period. Diluted per share data includes any dilution from potential common stock outstanding, such as restricted stock grants. There were no anti-dilutive common stock equivalents excluded in the calculations.

The following tables disclose the reconciliation of the numerators and denominators of the basic and diluted computations applicable to common shareholders.


($ in thousands, except per share amount)	Three Months Ended September 30, 2023					Three Months Ended September 30, 2022
	Net Income (Numerator)		Shares (Denominator)	Per Share Data		Net Income (Numerator)		Shares (Denominator)	Per Share Data
Basic earnings per share	$	24,360	31,405,439	$	0.78	$	14,043	22,861,795	$	0.61
Effect of dilutive shares:
Restricted stock grants			204,125					117,734
Diluted earnings per share	$	24,360	31,609,564	$	0.77	$	14,043	22,979,529	$	0.61


($ in thousands, except per share amount)	For the Nine Months Ended September 30, 2023					For the Nine Months Ended September 30, 2022
	Net Income (Numerator)		Shares (Denominator)	Per Share Data		Net Income (Numerator)		Shares (Denominator)	Per Share Data
Basic earnings per share	$	64,410	31,364,420	$	2.05	$	46,624	21,355,731	$	2.18
Effect of dilutive shares:
Restricted stock grants			199,862					111,397
Diluted earnings per share	$	64,410	31,564,282	$	2.04	$	46,624	21,467,128	$	2.17

The Company granted 118,689 shares and 82,123 shares of restricted stock in the first quarter of 2023 and 2022, respectively. The Company granted 45,773 shares and 47,827 shares of restricted stock in the second quarter of 2023 and 2022, respectively. The Company granted 2,711 shares and 0 shares of restricted stock in the third quarter of 2023 and 2022, respectively.