Earnings Per Share

12 Months Ended

Dec. 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)	Years Ended December 31,
Numerator:		2024		2023		2022
Net income		$	76,492	$	83,800	$	87,715



Denominator:





Weighted average common shares outstanding		31,077,767		30,822,993		26,627,476
Dilutive effect of stock-based awards		124,096		108,612		133,116
Weighted average diluted common shares outstanding		31,201,863		30,931,605		26,760,592

Basic earnings per common share		$	2.46	$	2.72	$	3.29
Diluted earnings per common share		2.45		2.71		3.28

There were 322,628, 442,909 and 9,881 weighted average shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the years ended December 31, 2024, 2023, and 2022, respectively. The awards were anti-dilutive primarily due to the exercise price, grant date fair value or purchase price of the stock awards exceeding the average market price of the Company’s stock during the respective periods.