| Earnings per Share |
Note 16 — Earnings per Share
The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:
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Weighted- |
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Net |
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Average |
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Per |
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Income |
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Shares |
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Share |
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(Numerator) |
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(Denominator) |
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Amount (1) |
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(dollars in thousands except share and per share data) |
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Year Ended December 31, 2025 |
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Basic EPS |
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Net income |
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$ |
76,089 |
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29,852,149 |
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$ |
2.55 |
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Less: income allocated to unvested restricted stock |
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616 |
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29,852,149 |
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0.02 |
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Basic EPS |
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$ |
75,473 |
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29,852,149 |
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$ |
2.53 |
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Effect of dilutive securities - PSUs |
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— |
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190,125 |
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— |
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Diluted EPS |
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Net income |
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$ |
76,089 |
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30,042,274 |
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$ |
2.53 |
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Less: income allocated to unvested restricted stock |
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616 |
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30,042,274 |
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0.02 |
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Diluted EPS |
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$ |
75,473 |
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30,042,274 |
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$ |
2.51 |
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Year Ended December 31, 2024 |
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Basic EPS |
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Net income |
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$ |
62,201 |
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30,019,815 |
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$ |
2.07 |
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Less: income allocated to unvested restricted stock |
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504 |
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30,019,815 |
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0.02 |
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Basic EPS |
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$ |
61,697 |
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30,019,815 |
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$ |
2.06 |
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Effect of dilutive securities - PSUs |
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— |
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82,521 |
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— |
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Diluted EPS |
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Net income |
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$ |
62,201 |
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30,102,336 |
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$ |
2.07 |
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Less: income allocated to unvested restricted stock |
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504 |
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30,102,336 |
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0.02 |
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Diluted EPS |
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$ |
61,697 |
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30,102,336 |
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$ |
2.05 |
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Year Ended December 31, 2023 |
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Basic EPS |
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Net income |
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$ |
80,041 |
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30,269,740 |
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$ |
2.64 |
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Less: income allocated to unvested restricted stock |
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505 |
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30,269,740 |
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0.02 |
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Basic EPS |
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$ |
79,536 |
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30,269,740 |
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$ |
2.63 |
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Effect of dilutive securities - PSUs |
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— |
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60,518 |
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— |
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Diluted EPS |
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Net income |
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$ |
80,041 |
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30,330,258 |
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$ |
2.64 |
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Less: income allocated to unvested restricted stock |
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505 |
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30,330,258 |
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0.02 |
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Diluted EPS |
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$ |
79,536 |
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30,330,258 |
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$ |
2.62 |
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(1)Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding.
There were no anti-dilutive options outstanding for the year ended December 31, 2025. There were 3,000 anti-dilutive options outstanding for the year ended December 31, 2024. There were no anti-dilutive options outstanding for the year ended December 31, 2023. Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the average market value for the periods presented.
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