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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The Company previously granted restricted stock units that contained non-forfeitable rights to dividend equivalents which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of 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) |  |  |  |  | 2024 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |  |  |  |
Net income |  |  |  |  | $ | 71,780 |  |  | $ | 65,842 |  |  | $ | 56,456 |
Earnings allocated to participating securities |  |  |  |  | — |  |  | (36) |  |  | (66) |
Numerator for earnings per share - basic and diluted |  |  |  |  | $ | 71,780 |  |  | $ | 65,806 |  |  | $ | 56,390 |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  |  |  | 31,590,117 |  | 31,626,308 |  | 28,853,697
Dilutive effect of outstanding restricted stock units |  |  |  |  | 122,363 |  | 111,839 |  | 65,619
Weighted average common shares outstanding, including all dilutive potential shares |  |  |  |  | 31,712,480 |  | 31,738,147 |  | 28,919,316
Earnings per share - Basic |  |  |  |  | $ | 2.27 |  |  | $ | 2.08 |  |  | $ | 1.95 |
Earnings per share - Diluted |  |  |  |  | $ | 2.26 |  |  | $ | 2.07 |  |  | $ | 1.95 |

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