Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
Numerator:	2025		2024		2025		2024
Net income	$	14,647	$	20,989	$	37,058	$	43,621



Denominator:





Weighted average common shares outstanding	31,192,622		31,042,527		31,199,151		31,011,930
Dilutive effect of stock-based awards	135,196		89,302		176,653		98,817
Weighted average diluted common shares outstanding	31,327,818		31,131,829		31,375,804		31,110,747

Basic earnings per common share	$	0.47	$	0.68	$	1.19	$	1.41
Diluted earnings per common share	0.47		0.67		1.18		1.40

There were 303,140 and 186,446 weighted average shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three and six months ended June 30, 2025, respectively, 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. 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 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.