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Earnings Per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Earnings per share in the table below, for the three and six month periods ended June 30, 2024 and 2023 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share (ASC 260). ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Prior to 2019, the Company issued restricted stock awards that contained such rights and are therefore considered participating securities. Since 2019, the Company has issued restricted stock awards that do not have nonforfeitable rights to dividends and are therefore not considered participating securities. Basic earnings per common share are calculated by dividing net income allocable to common stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings per common share include the dilutive effect of participating securities.
| Three Months Ended
(In thousands, except share and per share data) | 6/30/2024 | 6/30/2023
Basic |  |
Net income available to common shareholders | $ | 15,682 |  | $ | 8,475 |
Less: income attributable to unvested stock-based compensation awards | 0 |  | (8) |
Net earnings allocated to common shareholders | 15,682 |  | 8,467 |
Weighted average shares outstanding, including unvested stock-based compensation awards | 14,399,291 |  | 14,502,161 |
Less: average unvested stock-based compensation awards | (184,717) |  | (188,028) |
Weighted average shares outstanding - Basic | 14,214,574 |  | 14,314,133 |
Diluted |  |
Net earnings allocated to common shareholders | 15,682 |  | 8,467 |
Weighted average shares outstanding - Basic | 14,214,574 |  | 14,314,133 |
Plus: incremental shares from assumed conversion of stock-based compensation awards | 25,052 |  | 32,654 |
Weighted average shares outstanding - Diluted | 14,239,626 |  | 14,346,787 |
Basic EPS | $ | 1.10 |  | $ | 0.59 |
Diluted EPS | $ | 1.10 |  | $ | 0.59 |
Stock-based compensation awards representing 88,913 and 60,891 of common shares during the three months ended June 30, 2024 and 2023, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.
| Six Months Ended
(In thousands, except share and per share data) | 6/30/2024 | 6/30/2023
Basic |  |
Net income available to common shareholders | $ | 32,554 |  | $ | 27,856 |
Less: income attributable to unvested stock-based compensation awards | 0 |  | (26) |
Net earnings allocated to common shareholders | 32,554 |  | 27,830 |
Weighted average shares outstanding, including unvested stock-based compensation awards | 14,402,519 |  | 14,511,078 |
Less: unvested stock-based compensation awards | (189,277) |  | (190,763) |
Weighted average shares outstanding - Basic | 14,213,242 |  | 14,320,315 |
Diluted |  |
Net earnings allocated to common shareholders | 32,554 |  | 27,830 |
Weighted average shares outstanding - Basic | 14,213,242 |  | 14,320,315 |
Plus: incremental shares from assumed conversion of stock-based compensation awards | 25,750 |  | 47,866 |
Weighted average shares outstanding - Diluted | 14,238,992 |  | 14,368,181 |
Basic EPS | $ | 2.29 |  | $ | 1.94 |
Diluted EPS | $ | 2.29 |  | $ | 1.94 |
Stock-based compensation awards representing approximately 39,266 and 32,036 of common shares during the six months ended June 30, 2024 and 2023, respectively were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.

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