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CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS) | 3 Months Ended
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Mar. 31, 2025
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 months ended March 31, 2025 and 2024 (in thousands, except shares and per share data):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net income | $ | 45,135 |  |  | $ | 37,559 |  |  |  |  |
Basic weighted average shares outstanding | 34,509,815 |  |  | 34,391,564 |  |  |  |  |
Dilutive effect of unvested restricted stock | 268,872 |  |  | 129,541 |  |  |  |  |
Diluted weighted shares outstanding | 34,778,687 |  |  | 34,521,105 |  |  |  |  |
Earnings per common share |  |  |  |  |  |  |
Basic | $ | 1.31 |  |  | $ | 1.09 |  |  |  |  |
Diluted | $ | 1.30 |  |  | $ | 1.09 |  |  |  |  |
Anti-dilutive restricted stock excluded from the diluted average outstanding share calculation (1) | — |  |  | 2,734 |  |  |  |  |
(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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