Earnings Per Share

3 Months Ended

Mar. 31, 2024

Note 2 — Earnings Per Share

Basic and diluted earnings per common share are calculated using the treasury method. Under the treasury method, basic earnings per share is calculated as net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under the Company’s stock and incentive compensation plans. Information regarding the Company’s basic and diluted earnings per common share is presented in the following table:


(Dollars in thousands, except per share amounts)	Three Months Ended March 31,
Numerator:	2024		2023
Net income	$	22,632	$	24,302



Denominator:





Weighted average common shares outstanding	30,981,333		30,742,902
Dilutive effect of stock-based awards	97,577		139,254
Weighted average diluted common shares outstanding	31,078,910		30,882,156

Basic earnings per common share	$	0.73	$	0.79
Diluted earnings per common share	0.73		0.79

There were 429,589 and 220,980 shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three months ended March 31, 2024 and 2023, respectively, primarily due to the stock price of the stock awards exceeding the average market price of the Company’s stock during the respective periods.