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Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Earnings Per Share Reconciliation
The following table shows: 1) weighted average basic shares, 2) potentially dilutive weighted average common shares related to stock options and unvested restricted stock awards, and 3) weighted average diluted shares. Basic earnings (loss) per share (“EPS”) are calculated by dividing net income by the weighted average number of common shares outstanding during each period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average number of potentially dilutive common shares. The number of potentially dilutive common shares included in the quarterly diluted EPS is computed using the average market prices during the three months included in the reporting period under the treasury stock method. The number of potentially dilutive common shares included in year-to-date diluted EPS is a year-to-date weighted average of potentially dilutive common shares included in each quarterly diluted EPS computation. In computing diluted EPS, we exclude anti-dilutive shares such as options whose exercise prices exceed the current common stock price, as they would not reduce EPS under the treasury stock method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is nominal for these participating securities.
Three months endedNine months ended
(in thousands, except per share data)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Weighted average basic common shares outstanding16,038 16,028 16,076 16,002 
Potentially dilutive common shares related to:
Stock options— — — 5 
Unvested restricted stock awards29 8 — 10 
Weighted average diluted common shares outstanding16,066 16,036 16,076 16,017 
Net income (loss)
$4,570 $5,295 $(14,410)$19,285 
Basic earnings (loss) per common share
$0.28 $0.33 $(0.90)$1.21 
Diluted earnings (loss) per common share 1
$0.28 $0.33 $(0.90)$1.20 
Weighted average anti-dilutive common shares not included in the calculation of diluted EPS296 362 392 368 
1 Because Bancorp was in a net loss position for the nine months ended September 30, 2024, diluted net loss per share is the same as basic net loss per share, as the inclusion of potentially dilutive common shares would have been anti-dilutive.
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