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Earnings Per Share
 9 Months Ended
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,
 2024202320242023
Basic and Diluted Earnings:   
 
Net income$20,524 $18,449 $66,708 $69,376 
Less: Earnings allocated to participating securities14 10 41 29 
Net income available to common shareholders$20,510 $18,439 $66,667 $69,347 
Basic weighted-average shares outstanding30,286 30,502 30,276 30,862 
Add:  Stock awards84 41 56 54 
Diluted weighted-average shares outstanding30,370 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.