Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
(dollars in thousands, except per share amounts)	2025		2024		2025		2024
Numerator:
Net income	$	25,980	$	21,804	$	30,847	$	27,050
Denominator:
Weighted average common shares	47,784,062		50,747,337		48,104,780		51,399,853
Add effect of dilutive securities:
Restricted stock and units	463,995		930,081		682,013		972,074
Weighted average common shares assuming dilution	48,248,057		51,677,418		48,786,793		52,371,927
Earnings per share
Basic	$	0.54	$	0.43	$	0.64	$	0.53
Diluted	$	0.54	$	0.42	$	0.63	$	0.52

Anti-dilutive shares excluded from calculations of diluted earnings per share	681,085		12,367		1,154,673		1,023,093