Earnings Per Share

3 Months Ended

Mar. 31, 2025

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:	2025		2024
Net income	$	22,411	$	22,632



Denominator:





Weighted average common shares outstanding	31,205,752		30,981,333
Dilutive effect of stock-based awards	206,258		97,577
Weighted average diluted common shares outstanding	31,412,010		31,078,910

Basic earnings per common share	$	0.72	$	0.73
Diluted earnings per common share	0.71		0.73

There were 146,238 and 429,589 weighted average shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three months ended March 31, 2025 and 2024, 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.