EARNINGS APPLICABLE TO COMMON SHAREHOLDERS

9 Months Ended

Sep. 30, 2024

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, 2024					Three Months Ended September 30, 2023
	Net Income (Numerator)		Shares (Denominator)	Per Share Data		Net Income (Numerator)		Shares (Denominator)	Per Share Data
Basic earnings per share	$	18,571	31,516,823	$	0.59	$	24,360	31,405,439	$	0.78
Effect of dilutive shares:
Restricted stock grants			196,562					204,125
Diluted earnings per share	$	18,571	31,713,385	$	0.59	$	24,360	31,609,564	$	0.77


($ in thousands, except per share amount)	For the Nine Months Ended September 30, 2024					For the Nine Months Ended September 30, 2023
	Net Income (Numerator)		Shares (Denominator)	Per Share Data		Net Income (Numerator)		Shares (Denominator)	Per Share Data
Basic earnings per share	$	58,896	31,506,556	$	1.87	$	64,410	31,364,420	$	2.05
Effect of dilutive shares:
Restricted stock grants			169,311					199,862
Diluted earnings per share	$	58,896	31,675,867	$	1.86	$	64,410	31,564,282	$	2.04

The Company granted 141,457 shares and 118,689 shares of restricted stock in the first quarter of 2024 and 2023, respectively. The Company granted 2,847 shares and 45,773 shares of restricted stock in the second quarter of 2024 and 2023, respectively. The Company granted 2,800 shares and 2,711 shares of restricted stock in the third quarter of 2024 and 2023, respectively.