Earnings Per Share

9 Months Ended

Sep. 30, 2024

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 September 30,				Nine Months Ended September 30,
(Dollars in thousands, except share and per share data)	2024		2023		2024		2023
Numerator:
Net income	$	12,760	$	7,700	$	34,219	$	19,531
Less: preferred stock distributions		110		110		330		330
Net income available to common shareholders	$	12,650	$	7,590	$	33,889	$	19,201

Denominator:
Weighted average shares for basic earnings per share		13,664,542		13,522,874		13,617,960		13,556,665
Non-vested restricted stock units		—		65,609		—		57,721
Options		136,335		225,962		66,058		184,490
Weighted average shares for diluted earnings per share		13,800,877		13,814,445		13,684,018		13,798,876

Earnings per share - Basic	$	0.93	$	0.56	$	2.49	$	1.42
Earnings per share - Diluted	$	0.92	$	0.55	$	2.48	$	1.39

The weighted average shares outstanding used to determine dilutive earnings per share does not include 550,000 options for both the quarter and nine months ended September 30, 2024 and 300,000 and 346,667 options for the quarter and nine months ended September 30, 2023, respectively, which were deemed to be anti-dilutive.