Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
Numerator:	2025		2024		2025		2024
Net income	$	8,623	$	18,601	$	45,681	$	62,222



Denominator:





Weighted average common shares outstanding	31,183,092		31,130,293		31,193,739		31,051,672
Dilutive effect of stock-based awards	180,479		109,584		188,271		109,195
Weighted average diluted common shares outstanding	31,363,571		31,239,877		31,382,010		31,160,867

Basic earnings per common share	$	0.28	$	0.60	$	1.46	$	2.00
Diluted earnings per common share	0.27		0.60		1.46		2.00

There were 38,564 and 100,706 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, 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 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 date fair value or purchase price of the stock awards exceeding the average market price of the Company’s stock during the respective periods.