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Earnings Per Share | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHAREDiluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. The two-class method was used to determine earnings per share for the three and six months ended June 30, 2023 and 2022. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:
| Three months ended June 30, |  | Six months ended June 30,
(in thousands, except share and per share data) | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator for Earnings per Share—Basic and Diluted: |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 34,467 |  |  |  | $ | 28,858 |  |  |  | $ | 74,266 |  |  |  | $ | 58,001 |
Less: Income allocated to participating shares |  | 33 |  |  |  | 74 |  |  |  | 107 |  |  |  | 185 |
Net Income Allocated to Shareholders |  | $ | 34,434 |  |  |  | $ | 28,784 |  |  |  | $ | 74,159 |  |  |  | $ | 57,816 |
Denominator for Earnings per Share—Basic: |  |  |  |  |  |  |  |  |  |  |
Weighted Average Shares Outstanding—Basic |  | 38,510,772 |  |  |  | 39,083,429 |  |  |  | 38,687,342 |  |  |  | 39,077,305 |
Denominator for Earnings per Share—Treasury Stock Method—Diluted: |  |  |  |  |  |  |  |  |  |  |
Weighted Average Shares Outstanding—Basic |  | 38,510,772 |  |  |  | 39,083,429 |  |  |  | 38,687,342 |  |  |  | 39,077,305 |
Add: Potentially dilutive shares |  | 131,886 |  |  |  | 76,491 |  |  |  | 175,013 |  |  |  | 96,359 |
Denominator for Treasury Stock Method—Diluted |  | 38,642,658 |  |  |  | 39,159,920 |  |  |  | 38,862,355 |  |  |  | 39,173,664 |
Denominator for Earnings per Share—Two-Class Method—Diluted: |  |  |  |  |  |  |  |  |  |  |
Weighted Average Shares Outstanding—Basic |  | 38,510,772 |  |  |  | 39,083,429 |  |  |  | 38,687,342 |  |  |  | 39,077,305 |
Add: Average participating shares outstanding |  | 103,250 |  |  |  | 16,202 |  |  |  | 134,544 |  |  |  | 18,411 |
Denominator for Two-Class Method—Diluted |  | 38,614,022 |  |  |  | 39,099,631 |  |  |  | 38,821,886 |  |  |  | 39,095,716 |
Earnings per share—basic |  | $ | 0.89 |  |  |  | $ | 0.74 |  |  |  | $ | 1.92 |  |  |  | $ | 1.48 |
Earnings per share—diluted |  | $ | 0.89 |  |  |  | $ | 0.74 |  |  |  | $ | 1.91 |  |  |  | $ | 1.48 |
Restricted stock considered anti-dilutive excluded from potentially dilutive shares |  | 3,331 |  |  |  | 1,500 |  |  |  | 1,849 |  |  |  | 94 |

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