Earnings Per Share

6 Months Ended

Jun. 30, 2024

Basic earnings per common share is calculated based on the two-class method in accordance with ASC Topic 260, “Earnings Per Share.” ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the calculation of earnings per share pursuant to the two-class method. We have determined that our director’s deferred RSUs are participating securities.

Under the two-class method, basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period, excluding outstanding participating securities. Diluted earnings per common share is calculated using the weighted-average number of shares determined for the basic earnings per common share calculation plus the dilutive effect of stock awards using the treasury stock method.

Earnings per share on a basic and diluted basis are calculated as follows (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic and Diluted Earnings:
Net income	$	24,673	$	24,893	$	46,184	$	50,927
Less: Earnings allocated to participating securities	15		10		27		19
Net income available to common shareholders	$	24,658	$	24,883	$	46,157	$	50,908
Basic weighted-average shares outstanding	30,280		30,721		30,271		31,045
Add: Stock awards	32		33		39		54
Diluted weighted-average shares outstanding	30,312		30,754		30,310		31,099
Basic earnings per share:
Net income	$	0.81	$	0.81	$	1.52	$	1.64
Diluted earnings per share:
Net income	$	0.81	$	0.81	$	1.52	$	1.64

For the three and six months ended June 30, 2024, there were approximately 649,000 and 636,000 anti-dilutive shares. For the three and six months ended June 30, 2023, there were 686,000 and 578,000 anti-dilutive shares.