Earnings Per Share

12 Months Ended

Dec. 31, 2023

13.

Earnings Per Share

The Company computes earnings per share (EPS) in accordance with FASB Accounting Standards Codification (ASC) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share.

Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period.

The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options were exercised or restricted stock becomes vested.

The calculation of basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021 are presented below.


	For the Year Ended December 31,
	2023		2022		2021
	(in thousands, except earnings per share amounts)
Basic EPS:
Net income – basic	$	62,108	$	55,602	$	65,756
Basic weighted average common shares		19,149		19,233		19,332
Basic earnings per share	$	3.24	$	2.89	$	3.40
Diluted EPS:
Net income – diluted	$	62,108	$	55,602	$	65,756
Diluted weighted average common shares:
Weighted average common shares		19,149		19,233		19,332
Restricted stock and RSUs		77		89		77
Diluted weighted average common shares		19,226		19,322		19,409
Diluted earnings per common share	$	3.23	$	2.88	$	3.39

The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation.


	Years Ended
	2023		2022		2021
Basic weighted average common shares		19,149,080		19,233,241		19,332,391
Add: Other common shares eligible for common dividends:
Restricted stock and RSUs		76,941		88,476		76,228
Diluted weighted average common shares		19,226,021		19,321,717		19,408,619