Earnings Per Share

3 Months Ended

Mar. 31, 2025


3. Earnings Per Share

We compute basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Diluted earnings per share reflects the assumed exercise, settlement and vesting of all dilutive securities using the “treasury stock method,” except when the effect is anti-dilutive. Potentially dilutive securities consist of shares issuable upon vesting of restricted stock awards and units.

The following table sets forth the computation of basic and diluted earnings per share:


	Three months ended March 31,
(dollars in thousands, except per share amounts)		2025		2024
Numerator:
Net income		$	4,867	$	5,246
Denominator:
Weighted average common shares		48,429,061		52,052,370
Add effect of dilutive securities:
Restricted stock and units		1,016,018		1,362,125
Weighted average common shares assuming dilution		49,445,079		53,414,495
Earnings per share
Basic		$	0.10	$	0.10
Diluted		$	0.10	$	0.10

Anti-dilutive shares excluded from calculations of diluted earnings per share		633,805		622,902