EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

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