EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2023

The following table presents computations of basic and diluted earnings per common share (“EPS”) for the three and six months ended June 30, 2023:



	Three Months Ended June 30, 2023				Six Months Ended June 30, 2023
($ in thousands except per share data)	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Net income	$	17,732	$	147		$	37,846	$	311








Weighted average common shares outstanding	57,503,213		477,321			58,017,185		477,321
Dilutive effects of restricted shares/units	45,268		—			104,941		—

Dilutive effects of stock options	205		—			866		—

Average shares and dilutive common shares	57,548,686		477,321			58,122,992		477,321




Basic earnings per common share	$	0.31	$	0.31		$	0.65	$	0.65



Diluted earnings per common share	$	0.31	$	0.31		$	0.65	$	0.65

For the three and six months ended June 30, 2023, there were 609,324 and 457,960 anti-dilutive restricted shares/units and 11,232 and zero anti-dilutive stock options that were excluded from computing diluted earnings per common share.

The following table presents computations of basic and diluted EPS for the three and six months ended June 30, 2022:



	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
($ in thousands except per share data)	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Net income	$	26,504	$	208		$	74,645	$	579


Less: preferred stock dividends	—		—			(1,409)		(11)
Less: preferred stock redemption	—		—			(3,718)		(29)


Net income allocated to common stockholders	$	26,504	$	208		$	69,518	$	539

Weighted average common shares outstanding	60,873,481		477,321			61,497,261		477,321
Dilutive effects of stock units	245,571		—			269,093		—

Dilutive effects of stock options	4,242		—			4,701		—

Average shares and dilutive common shares	61,123,294		477,321			61,771,055		477,321




Basic earnings per common share	$	0.44	$	0.44		$	1.13	$	1.13



Diluted earnings per common share	$	0.43	$	0.44		$	1.13	$	1.13

For the three and six months ended June 30, 2022, there were 354,484 and 806 anti-dilutive restricted shares/units and no anti-dilutive stock options that were excluded from computing diluted earnings per common share.