EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

NOTE 18—EARNINGS PER SHARE:

Basic and diluted earnings per share are computed based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur upon the exercise of stock options, to the extent outstanding, or upon the vesting of restricted stock grants, any of which would result in the issuance of common stock that would then share in the net income of the Company.


	Year Ended December 31,
		2024		2023		2022

		Financial Holding Company		Financial Holding Company		Investment Company
Basic earnings per share:
Net income available to common shareholders		$	49,253	$	45,875	$	32,311
Weighted-average basic shares outstanding		24,945		24,263		24,198
Basic earnings per share		$	1.97	$	1.89	$	1.34
Diluted earnings per share:
Net income, for diluted earnings per share		$	49,253	$	45,875	$	32,311
Add: Preferred dividends on dilutive Series A convertible preferred stock¹		—		—		—
Net income, for diluted earnings per share		49,253		45,875		32,311
Total weighted-average basic shares outstanding		24,945		24,263		24,198
Add effect of dilutive restricted stock awards²		241		85		—

Total weighted-average diluted shares outstanding³		25,186		24,348		24,198
Diluted earnings per share		$	1.96	$	1.88	$	1.34
Anti-dilutive warrants, restricted stock awards, and Series A convertible preferred stock		998		1,153		—

1 For periods presented, the Series A convertible preferred stock was antidilutive and, therefore, the preferred dividends have not been added back to the numerator of Net income, for diluted earnings per share.

2 Incremental diluted shares from restricted stock awards under the treasury stock method.

3 For the year ended ended December 31, 2024 and December 31, 2023, the Warrants were not included in the diluted share count because the results would have been anti-dilutive under the if-converted method.