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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Schedule of Changes in Options Outstanding | Changes in options outstanding during the six months ended June 30, 2024 were as follows:
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Weighted |  |  | Average |  |  | Aggregate |
|  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  | Number of |  |  | Exercise |  |  | Contractual |  |  | Value |
|  | Options |  |  | Price |  |  | Term |  |  | (In thousands) |
Balance, January 1, 2024 |  |  | 1,400 |  |  | $ | 19.15 |  |  |  |  |  |  |
Exercised during 2024 |  |  | — |  |  |  | — |  |  |  |  |  |  |
Expired during 2024 |  |  | (1,400 | ) |  |  | 19.15 |  |  |  |  |  |  |
Forfeited during 2024 |  |  | — |  |  |  | — |  |  |  |  |  |  |
Balance, June 30, 2024 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Vested and expected to vest |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Exercisable at June 30, 2024 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Schedule of Changes in Non-Vested Performance-Based Shares | Changes in non-vested shares dependent on performance criteria for the six months ended June 30, 2024 were as follows:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Balance, January 1, 2024 |  |  | 176,364 |  |  | $ | 32.40 |
Granted during 2024 |  |  | 4,705 |  |  |  | 31.36 |
Vested during 2024 (1) |  |  | (45,592 | ) |  |  | 31.36 |
Forfeited during 2024 |  |  | — |  |  |  | — |
Balance, June 30, 2024 |  |  | 135,477 |  |  | $ | 32.71 |
(1) Includes 45,592 shares that settled in cash.
Schedule of Changes in Service-Based Restricted Stock Awards/Units | Changes in service-based restricted stock awards/units for the six months ended June 30, 2024 were as follows:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Balance, January 1, 2024 |  |  | 626,742 |  |  | $ | 29.62 |
Granted during 2024 |  |  | — |  |  |  | — |
Vested during 2024 (1) |  |  | (248,028 | ) |  |  | 27.83 |
Shares to be settled in cash |  |  | (120,835 | ) |  |  | 22.13 |
Forfeited during 2024 |  |  | (4,701 | ) |  |  | 31.79 |
Balance, June 30, 2024 |  |  | 253,178 |  |  | $ | 27.84 |
(1) Includes 100,349 shares that settled in cash.
Schedule of Calculation of Basic and Diluted Earnings per Share | The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all shares of restricted stock, stock warrants or restricted stock units were to vest during the reporting period.
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
(Dollars in thousands, except per share data) | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income available to common shareholders | $ | 7,530 |  |  | $ | 13,145 |  |  | $ | 16,161 |  |  | $ | 31,500 |
Basic weighted average shares outstanding |  | 17,747,070 |  |  |  | 17,930,611 |  |  |  | 17,729,355 |  |  |  | 17,886,154 |
Plus: common stock equivalents |  | 45,226 |  |  |  | 148,237 |  |  |  | 82,540 |  |  |  | 267,113 |
Diluted weighted average shares outstanding |  | 17,792,296 |  |  |  | 18,078,848 |  |  |  | 17,811,895 |  |  |  | 18,153,267 |
Net income per share |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.42 |  |  | $ | 0.73 |  |  | $ | 0.91 |  |  | $ | 1.76 |
Diluted |  | 0.42 |  |  |  | 0.73 |  |  |  | 0.91 |  |  |  | 1.74 |

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