Earnings Per Share

12 Months Ended

Dec. 31, 2024

13.

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 outstanding options were exercised or restricted stock becomes vested.

The calculation of basic and diluted EPS for the years ended December 31, 2024, 2023 and 2022 are presented below.


	For the Year Ended December 31,
	2024		2023		2022
	(in thousands, except earnings per share amounts)
Basic EPS:
Net income – basic	$	55,436	$	62,108	$	55,602
Basic weighted average common shares		19,071		19,149		19,233
Basic earnings per share	$	2.91	$	3.24	$	2.89
Diluted EPS:
Net income – diluted	$	55,436	$	62,108	$	55,602
Diluted weighted average common shares:
Weighted average common shares		19,071		19,149		19,233
Restricted stock and RSUs		89		77		89
Diluted weighted average common shares		19,160		19,226		19,322
Diluted earnings per common share	$	2.89	$	3.23	$	2.88

The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation.


	Years Ended
	2024		2023		2022
Basic weighted average common shares		19,070,717		19,149,080		19,233,241
Add: Other common shares eligible for common dividends:
Restricted stock and RSUs		89,088		76,941		88,476
Diluted weighted average common shares		19,159,805		19,226,021		19,321,717