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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Basic and Diluted Earnings: |  |  |  |  |  |  |
Net income | $ | 20,524 |  |  | $ | 18,449 |  |  | $ | 66,708 |  |  | $ | 69,376 |
Less: Earnings allocated to participating securities | 14 |  |  | 10 |  |  | 41 |  |  | 29 |
Net income available to common shareholders | $ | 20,510 |  |  | $ | 18,439 |  |  | $ | 66,667 |  |  | $ | 69,347 |
Basic weighted-average shares outstanding | 30,286 |  |  | 30,502 |  |  | 30,276 |  |  | 30,862 |
Add: Stock awards | 84 |  |  | 41 |  |  | 56 |  |  | 54 |
Diluted weighted-average shares outstanding | 30,370 |  |  | 30,543 |  |  | 30,332 |  |  | 30,916 |
Basic earnings per share: |  |  |  |  |  |  |
Net income | $ | 0.68 |  |  | $ | 0.60 |  |  | $ | 2.20 |  |  | $ | 2.25 |
Diluted earnings per share: |  |  |  |  |  |  |
Net income | $ | 0.68 |  |  | $ | 0.60 |  |  | $ | 2.20 |  |  | $ | 2.24 |
For the three and nine months ended September 30, 2024, there were approximately 539,000 and 534,000 anti-dilutive shares outstanding, respectively. For the three and nine months ended September 30, 2023, there were 611,000 and 571,000 anti-dilutive shares outstanding, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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