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Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
12.
Earnings Per Share

Earnings per share have been computed using the weighted average number of common shares and common share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

Quarters Ended
March 31,

 

(Dollars in thousands, except share and per share data)

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

Net income

 

$

11,366

 

 

$

2,494

 

Less: preferred stock distributions

 

 

110

 

 

 

110

 

Net income available to common shareholders

 

$

11,256

 

 

$

2,384

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

13,579,210

 

 

 

13,670,732

 

Non-vested restricted stock units

 

 

47,335

 

 

 

103,407

 

Options

 

 

60,867

 

 

 

155,007

 

Weighted average shares for diluted earnings per share

 

 

13,687,412

 

 

 

13,929,146

 

 

 

 

 

 

 

 

Earnings per share - Basic

 

$

0.83

 

 

$

0.17

 

Earnings per share - Diluted

 

$

0.82

 

 

$

0.17

 

 

The weighted average shares outstanding used to determine dilutive earnings per share does not include 550,000 options and 346,667 options for the quarters ended March 31, 2024 and 2023, respectively, which were deemed to be anti-dilutive.