Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
Numerator:	2024		2023		2024		2023
Net income	$	18,601	$	24,313	$	62,222	$	70,375



Denominator:





Weighted average common shares outstanding	31,130,293		30,856,649		31,051,672		30,797,399
Dilutive effect of stock-based awards	109,584		87,211		109,195		105,823
Weighted average diluted common shares outstanding	31,239,877		30,943,860		31,160,867		30,903,222

Basic earnings per common share	$	0.60	$	0.79	$	2.00	$	2.29
Diluted earnings per common share	0.60		0.79		2.00		2.28

There were 330,263 and 412,390 weighted average shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three and nine months ended September 30, 2024, respectively, primarily due to the exercise price, grant fair value or purchase price of the stock awards exceeding the average market price of the Company’s stock during the respective periods. There were 613,010 and 459,434 weighted average shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three and nine months ended September 30, 2023, respectively, for the same reason.