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CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS) | The following table reconciles basic to diluted weighted average shares outstanding used to calculate earnings per share data for the three and nine months ended September 30, 2024 and 2023 (in thousands, except shares and per share data):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 45,153 |  |  | $ | 45,854 |  |  | $ | 122,507 |  |  | $ | 141,000 |
Basic weighted average shares outstanding | 34,498,830 |  |  | 34,379,865 |  |  | 34,459,662 |  |  | 34,331,458 |
Dilutive effect of unvested restricted stock | 151,492 |  |  | 49,861 |  |  | 115,836 |  |  | 107,756 |
Diluted weighted shares outstanding | 34,650,322 |  |  | 34,429,726 |  |  | 34,575,498 |  |  | 34,439,214 |
Earnings per common share |  |  |  |  |  |  |
Basic | $ | 1.31 |  |  | $ | 1.33 |  |  | $ | 3.56 |  |  | $ | 4.11 |
Diluted | $ | 1.30 |  |  | $ | 1.33 |  |  | $ | 3.54 |  |  | $ | 4.09 |
Anti-dilutive restricted stock excluded from the diluted average outstanding share calculation (1) | 860 |  |  | 252,817 |  |  | 3,950 |  |  | 90,990 |
(1)Anti-dilution occurs when the unrecognized compensation cost per share of restricted stock exceeds the current market price of the Company’s stock.

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