Earnings Per Share

3 Months Ended

Mar. 31, 2026

The following table presents the computations of basic and diluted earnings per share (“EPS”) for the periods indicated:


	Three Months Ended March 31,
($ in thousands, except per share)	2026		2025
Basic earnings per share:
Net income available to common shareholders	$	10,567	$	7,695
Less: income allocated to unvested restricted stock	(64)		(61)
Net income allocated to common stock	$	10,503	$	7,634
Weighted-average total common shares outstanding	14,227,997		14,386,422
Less: weighted-average unvested restricted stock	(85,905)		(114,155)
Weighted-average common shares outstanding, basic	14,142,092		14,272,267
Basic earnings per share	$	0.74	$	0.53
Diluted earnings per share:
Net income allocated to common stock	$	10,503	$	7,634
Weighted-average common shares outstanding, basic	14,142,092		14,272,267
Diluted effect of stock options	96,134		131,502
Weighted-average common shares outstanding, diluted	14,238,226		14,403,769
Diluted earnings per share	$	0.74	$	0.53

There were 35,000 and 60,000 stock options excluded in computing diluted EPS because they were anti-dilutive for three months ended March 31, 2026 and 2025, respectively.