| Schedule of Basic and Diluted Earnings per Common Share |
Presented below are the calculations for basic and diluted earnings per common share for the years ended 2024, 2023, and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | (dollars in thousands, except per share data) | | | | | 2024 | | 2023 (Restated) | | 2022 (Restated) | | Net income | | | | | $ | 38,044 | | | $ | 61,155 | | | $ | 100,237 | | | Preferred dividends declared | | | | | (8,913) | | | (8,913) | | | (3,169) | | | | | | | | | | | | | Net income available to common shareholders | | | | | 29,131 | | | 52,242 | | | 97,068 | | | Common shareholder dividends | | | | | (26,622) | | | (26,234) | | | (25,628) | | | Unvested restricted stock award dividends | | | | | (450) | | | (339) | | | (295) | | | Undistributed earnings to unvested restricted stock awards | | | | | (33) | | | (311) | | | (823) | | | Undistributed earnings to common shareholders | | | | | $ | 2,026 | | | $ | 25,358 | | | $ | 70,322 | | | Basic | | | | | | | | | | | Distributed earnings to common shareholders | | | | | $ | 26,622 | | | $ | 26,234 | | | $ | 25,628 | | | Undistributed earnings to common shareholders | | | | | 2,026 | | | 25,358 | | | 70,322 | | | Total common shareholders earnings, basic | | | | | $ | 28,648 | | | $ | 51,592 | | | $ | 95,950 | | | Diluted | | | | | | | | | | | Distributed earnings to common shareholders | | | | | $ | 26,622 | | | $ | 26,234 | | | $ | 25,628 | | | Undistributed earnings to common shareholders | | | | | 2,026 | | | 25,358 | | | 70,322 | | | Total common shareholders earnings | | | | | 28,648 | | | 51,592 | | | 95,950 | | | Add back: | | | | | | | | | | | Undistributed earnings reallocated from unvested restricted stock awards | | | | | — | | | — | | | 2 | | | Total common shareholders earnings, diluted | | | | | $ | 28,648 | | | $ | 51,592 | | | $ | 95,952 | | | Weighted average common shares outstanding, basic | | | | | 21,731,689 | | | 22,115,869 | | | 22,341,498 | | | Dilutive effect of options | | | | | 6,269 | | | 8,533 | | | 54,200 | | | Weighted average common shares outstanding, diluted | | | | | 21,737,958 | | | 22,124,402 | | | 22,395,698 | | | Basic earnings per common share | | | | | $ | 1.32 | | | $ | 2.33 | | | $ | 4.29 | | | Diluted earnings per common share | | | | | 1.32 | | | 2.33 | | | 4.28 | | | | | | | | | | | | Antidilutive stock options(1) | | | | | 274,861 | | | 302,020 | | | 265,831 | |
(1)The diluted earnings per common share computation excludes antidilutive stock options because the exercise prices of these stock options exceeded the average market prices of the Company's common shares for those respective periods.
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