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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table presents computations of basic and diluted earnings per common share (“EPS”) for the three and nine months ended September 30, 2023:
|  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
($ in thousands except per share data) |  | Common Stock |  | Class B Common Stock |  |  |  | Common Stock |  | Class B Common Stock |  |
Net income |  | $ | 42,220 |  |  | $ | 354 |  |  |  |  | $ | 80,068 |  |  | $ | 663 |  |  |
Weighted average common shares outstanding |  | 56,957,053 |  |  | 477,321 |  |  |  |  | 57,659,924 |  |  | 477,321 |  |  |
Dilutive effects of restricted shares/units |  | 87,109 |  |  | — |  |  |  |  | 92,269 |  |  | — |  |  |
Dilutive effects of stock options |  | 353 |  |  | — |  |  |  |  | 623 |  |  | — |  |  |
Average shares and dilutive common shares |  | 57,044,515 |  |  | 477,321 |  |  |  |  | 57,752,816 |  |  | 477,321 |  |  |
Basic earnings per common share |  | $ | 0.74 |  |  | $ | 0.74 |  |  |  |  | $ | 1.39 |  |  | $ | 1.39 |  |  |
Diluted earnings per common share |  | $ | 0.74 |  |  | $ | 0.74 |  |  |  |  | $ | 1.39 |  |  | $ | 1.39 |  |  |
For the three and nine months ended September 30, 2023, there were 500,943 and 484,850 anti-dilutive restricted shares/units and 11,232 and 11,232 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 nine months ended September 30, 2022:
|  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
($ in thousands except per share data) |  | Common Stock |  | Class B Common Stock |  |  |  | Common Stock |  | Class B Common Stock |  |
Net income |  | $ | 24,004 |  |  | $ | 192 |  |  |  |  | $ | 98,646 |  |  | $ | 774 |  |  |
Less: preferred stock dividends |  | — |  |  | — |  |  |  |  | (1,409) |  |  | (11) |  |  |
Less: preferred stock redemption |  | — |  |  | — |  |  |  |  | (3,718) |  |  | (29) |  |  |
Net income allocated to common stockholders |  | $ | 24,004 |  |  | $ | 192 |  |  |  |  | $ | 93,519 |  |  | $ | 734 |  |  |
Weighted average common shares outstanding |  | 59,567,082 |  |  | 477,321 |  |  |  |  | 60,846,798 |  |  | 477,321 |  |  |
Dilutive effects of restricted shares/units |  | 444,321 |  |  | — |  |  |  |  | 331,389 |  |  | — |  |  |
Dilutive effects of stock options |  | 3,736 |  |  | — |  |  |  |  | 4,392 |  |  | — |  |  |
Average shares and dilutive common shares |  | 60,015,139 |  |  | 477,321 |  |  |  |  | 61,182,579 |  |  | 477,321 |  |  |
Basic earnings per common share |  | $ | 0.40 |  |  | $ | 0.40 |  |  |  |  | $ | 1.54 |  |  | $ | 1.54 |  |  |
Diluted earnings per common share |  | $ | 0.40 |  |  | $ | 0.40 |  |  |  |  | $ | 1.53 |  |  | $ | 1.54 |  |  |
For the three and nine months ended September 30, 2022, there were 157,049 and 3,391 anti-dilutive restricted shares/units and no anti-dilutive stock options that were excluded from computing diluted earnings per common share.

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