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 common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share for the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands, except per share data)	2026		2025		2026		2025
Net income	$	18,865	$	15,507	$	35,953	$	29,271

Average number of common shares outstanding	33,451,484		33,374,265		33,440,028		33,362,632
Dilutive effect of common stock equivalents	27,214		13,748		22,909		14,533
Average number of common shares used to calculate diluted EPS	33,478,698		33,388,013		33,462,937		33,377,165

Anti-dilutive shares	—		3,323		1,098		3,363

Basic net income per common share	$	0.56	$	0.46	$	1.08	$	0.88
Diluted net income per common share	$	0.56	$	0.46	$	1.07	$	0.88

There were zero and 3,323 anti-dilutive unvested restricted stock and performance stock unit awards excluded from the calculation of diluted earnings per common share for the three months ended June 30, 2026 and 2025, respectively. There were 1,098 and 3,363 anti-dilutive unvested restricted stock and performance stock unit awards excluded from the calculation of diluted earnings per common share for the six months ended June 30, 2026 and 2025, respectively.

In May 2026, the Company’s Board of Directors authorized the repurchase of up to $30 million of the Company’s outstanding common stock over the next 12 months (the “Repurchase Program”). Under the Repurchase Program, the shares may be repurchased from time to time through a combination of open market transactions at prevailing market prices, in privately negotiated transactions, through block trades and pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and/or 10b-18 of the Exchange Act. The actual timing, number and value of shares repurchased under the Repurchase Program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions, applicable legal requirements, and other factors. The Repurchase Program may be modified, amended or terminated by the Board of Directors at any time.

All share repurchases were made in open market transactions. As of June 30, 2026, the Company was authorized to repurchase a remaining $29.1 million of outstanding shares of common stock under the Repurchase Program.