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Earnings per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings per Share | Note 9 — Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. For diluted EPS, the weighted-average number of common shares includes the impact of unvested performance stock units (“PSUs”) under the treasury method. Unvested restricted stock containing rights to non-forfeitable dividends are considered participating securities prior to vesting and have been included in the earnings allocation in computing basic and diluted EPS under the two-class method. The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (dollars in thousands, except per share amounts) |
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 18,796 |  |  | $ | 27,169 |  |  | $ | 61,408 |  |  | $ | 72,915 |
Less: income allocated to unvested restricted stock |  |  | 117 |  |  |  | 163 |  |  |  | 381 |  |  |  | 408 |
Income allocated to common shares |  | $ | 18,679 |  |  | $ | 27,006 |  |  | $ | 61,027 |  |  | $ | 72,507 |
Weighted-average shares for basic EPS |  |  | 30,251,961 |  |  |  | 30,314,439 |  |  |  | 30,296,991 |  |  |  | 30,289,068 |
Basic EPS (1) |  | $ | 0.62 |  |  | $ | 0.89 |  |  | $ | 2.01 |  |  | $ | 2.39 |
Effect of dilutive stock options and unvested performance stock units |  |  | 40,910 |  |  |  | 82,323 |  |  |  | 41,686 |  |  |  | 80,470 |
Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |
Income allocated to common shares |  | $ | 18,679 |  |  | $ | 27,006 |  |  | $ | 61,027 |  |  | $ | 72,507 |
Weighted-average shares for diluted EPS |  |  | 30,292,872 |  |  |  | 30,396,762 |  |  |  | 30,338,678 |  |  |  | 30,369,538 |
Diluted EPS (1) |  | $ | 0.62 |  |  | $ | 0.89 |  |  | $ | 2.01 |  |  | $ | 2.39 |
(1) Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding. On a weighted-average basis, options to purchase 61,000 shares of common stock were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2023, because their effect would have been anti-dilutive. There were no anti-dilutive stock options for the three and nine months ended September 30, 2022. There were 54,765 and 50,460 anti-dilutive unvested PSUs outstanding for the three and nine months ended September 30, 2023, respectively. During the nine months ended September 30, 2023, the Company issued 53,696 PSUs to executive officers from the 2021 Equity Compensation Plan with a fair value of $1.1 million. During the nine months ended September 30, 2022, the Company issued 38,036 PSUs to executive officers from the 2021 Equity Compensation Plan with a fair value of $1.0 million on the grant date of March 23, 2022. These units have a three-year cliff vesting period and include dividend equivalent rights. During the nine months ended September 30, 2023, 35,906 PSUs vested to an executive officer. Total PSUs outstanding as of September 30, 2023 were 134,358 with an aggregate grant fair value of $2.9 million. Total PSUs outstanding as of September 30, 2022 were 104,599 with an aggregate grant fair value of $2.0 million.

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