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Earnings Per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The treasury stock method was used to determine EPS for the three and six months ended June 30, 2024 and the two-class method was used to determined EPS for the three and six months ended June 30, 2023. The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:
| Three months ended June 30, |  | Six months ended June 30,
(in thousands, except share and per share data) | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Numerator for Earnings per Share—Basic and Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 34,371 |  |  |  | $ | 34,467 |  |  |  | $ | 65,610 |  |  |  | $ | 74,266 |  |  |  |
Less: Income allocated to participating shares |  | — |  |  |  | 33 |  |  |  | 10 |  |  |  | 107 |  |  |  |
Net Income Allocated to Shareholders |  | $ | 34,371 |  |  |  | $ | 34,434 |  |  |  | $ | 65,600 |  |  |  | $ | 74,159 |  |  |  |
Denominator for Earnings per Share—Treasury Stock Method: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted Average Shares Outstanding—Basic |  | 38,243,859 |  |  |  | 38,510,772 |  |  |  | 38,217,944 |  |  |  | 38,687,342 |  |  |  |
Add: Potentially dilutive shares |  | 287,833 |  |  |  | 131,886 |  |  |  | 277,678 |  |  |  | 175,013 |  |  |  |
Denominator for Treasury Stock Method—Diluted |  | 38,531,692 |  |  |  | 38,642,658 |  |  |  | 38,495,622 |  |  |  | 38,862,355 |  |  |  |
Denominator for Earnings per Share—Two-Class Method: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted Average Shares Outstanding—Basic |  | 38,243,859 |  |  |  | 38,510,772 |  |  |  | 38,217,944 |  |  |  | 38,687,342 |  |  |  |
Add: Average participating shares outstanding |  | 287,833 |  |  |  | 103,250 |  |  |  | 271,338 |  |  |  | 134,544 |  |  |  |
Denominator for Two-Class Method—Diluted |  | 38,531,692 |  |  |  | 38,614,022 |  |  |  | 38,489,282 |  |  |  | 38,821,886 |  |  |  |
Earnings per share—basic |  | $ | 0.90 |  |  |  | $ | 0.89 |  |  |  | $ | 1.72 |  |  |  | $ | 1.92 |  |  |  |
Earnings per share—diluted |  | $ | 0.89 |  |  |  | $ | 0.89 |  |  |  | $ | 1.70 |  |  |  | $ | 1.91 |  |  |  |
Restricted stock considered anti-dilutive excluded from potentially dilutive shares |  | 323 |  |  |  | 3,331 |  |  |  | 181 |  |  |  | 1,849 |  |  |  |

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