Earnings Per Share

3 Months Ended

Mar. 31, 2024

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of potential common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share.


	Three Months Ended March 31,
(In thousands, except per share data)	2024		2023

Net Income	$	8,184	$	6,457

Average number of common shares outstanding	33,189		19,886
Dilutive effect of common stock equivalents	2		—
Average number of shares used to calculate diluted EPS	33,191		19,886

Anti-dilutive shares	1		—

Earnings per common share
Basic	$	0.25	$	0.32
Diluted	$	0.25	$	0.32

As of March 31, 2024 there were 1,000 and as of March 31, 2023 there were zero unvested common stock equivalents excluded from the calculation of diluted earnings per share as their effect would be anti-dilutive.