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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 11 – EARNINGS PER SHARE

The Company has granted certain restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Diluted earnings per share is computed using the treasury stock method and reflects the potential dilution from the Company’s outstanding restricted stock units and performance restricted stock units.

The following table sets forth the computation of basic and diluted earnings per share:


		Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022

		(dollars in thousands)
Numerator:
Net income		$	18,473		$	14,085		$	27,681		$	27,689
Earnings allocated to participating securities			(11)			(17)			(16)			(34)
Numerator for earnings per share - basic and diluted		$	18,462		$	14,068		$	27,665		$	27,655

Denominator:
Weighted average common shares outstanding			31,980,133			28,891,202			31,481,439			28,938,634
Dilutive effect of outstanding restricted stock units			99,850			53,674			84,981			48,688
Weighted average common shares outstanding, including all dilutive potential shares			32,079,983			28,944,876			31,566,420			28,987,322

Earnings per share - Basic		$	0.58		$	0.49		$	0.88		$	0.96
Earnings per share - Diluted		$	0.58		$	0.49		$	0.88		$	0.95