Earnings Per Share

6 Months Ended

Jun. 30, 2024

Note 9 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended				Six Months Ended
	June 30				June 30
(in thousands except per share data)	2024		2023		2024		2023
Numerator:
Net income	$	19,499	$	19,404	$	38,178	$	38,717

Denominator:
Basic earnings per share:
Weighted average shares		17,939		17,884		17,932		17,877
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		20		6		19		8
Adjusted weighted average shares		17,959		17,890		17,951		17,885

Earnings per share:
Basic earnings per share	$	1.09	$	1.09	$	2.13	$	2.17
Diluted earnings per share		1.09		1.08		2.13		2.16

There were no options to purchase common shares that were excluded from the diluted calculations above for the three and six months ended June 30, 2024 and 2023. In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method.