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Earnings Per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Note 3. Earnings Per Share The Company computes earnings per share (EPS) in accordance with FASB Accounting Standards Codification (ASC) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share. Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any restricted stock or RSUs become vested.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands, except share and per share amounts) |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 10,993 |  |  | $ | 15,627 |  |  | $ | 27,918 |  |  | $ | 32,966 |
Basic weighted average common shares |  |  | 19,083,232 |  |  |  | 19,139,735 |  |  |  | 19,102,700 |  |  |  | 19,135,564 |
Basic earnings per common share |  | $ | 0.58 |  |  | $ | 0.82 |  |  | $ | 1.46 |  |  | $ | 1.72 |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 10,993 |  |  | $ | 15,627 |  |  | $ | 27,918 |  |  | $ | 32,966 |
Diluted weighted average common shares: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 19,083,232 |  |  |  | 19,139,735 |  |  |  | 19,102,700 |  |  |  | 19,135,564 |
Restricted stock and RSUs |  |  | 63,062 |  |  |  | 57,020 |  |  |  | 68,506 |  |  |  | 64,813 |
Diluted weighted average common shares |  |  | 19,146,294 |  |  |  | 19,196,755 |  |  |  | 19,171,206 |  |  |  | 19,200,377 |
Diluted earnings per common share |  | $ | 0.57 |  |  | $ | 0.81 |  |  | $ | 1.46 |  |  | $ | 1.72 |

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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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