Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
Numerator:	2024		2023		2024		2023
Net income	$	20,989	$	21,760	$	43,621	$	46,062



Denominator:





Weighted average common shares outstanding	31,042,527		30,791,397		31,011,930		30,767,283
Dilutive effect of stock-based awards	89,302		81,437		98,817		113,789
Weighted average diluted common shares outstanding	31,131,829		30,872,834		31,110,747		30,881,072

Basic earnings per common share	$	0.68	$	0.71	$	1.41	$	1.50
Diluted earnings per common share	0.67		0.70		1.40		1.49

There were 548,823 and 471,883 shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three and six months ended June 30, 2024, 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. There were 635,801 and 384,459 shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three and six months ended June 30, 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.