Earnings Per Share

12 Months Ended

Dec. 31, 2023

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)	Years Ended December 31,
Numerator:		2023		2022		2021
Net income		$	83,800	$	87,715	$	108,546



Denominator:





Weighted average common shares outstanding		30,822,993		26,627,476		23,431,504
Dilutive effect of stock-based awards		108,612		133,116		177,082
Weighted average diluted common shares outstanding		30,931,605		26,760,592		23,608,586

Basic earnings per common share		$	2.72	$	3.29	$	4.63
Diluted earnings per common share		2.71		3.28		4.60

There were 442,909, 9,881 and 2,085 shares of anti-dilutive stock-based awards excluded from calculation of earnings per share for the years ended December 31, 2023, 2022, and 2021, 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.