EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

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:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Numerator:
Net income		$	65,842	$	56,456	$	56,271
Earnings allocated to participating securities		(36)		(66)		(104)
Numerator for earnings per share - basic and diluted		$	65,806	$	56,390	$	56,167

Denominator:
Weighted average common shares outstanding		31,626,308		28,853,697		27,795,806
Dilutive effect of outstanding restricted stock units		111,839		65,619		15,487
Weighted average common shares outstanding, including all dilutive potential shares		31,738,147		28,919,316		27,811,293

Earnings per share - Basic		$	2.08	$	1.95	$	2.02
Earnings per share - Diluted		$	2.07	$	1.95	$	2.02