Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and dilutive common share equivalents using the treasury stock method. Dilutive common share equivalents include common shares issuable upon exercise of outstanding stock options and restricted stock. The effect from the stock options and restricted stock on incremental shares from the assumed conversions for net income per share-basic and net income per share-diluted are presented below. There were no antidilutive shares for the three and nine months ended September 30, 2021.  There were 114 thousand and 85 thousand antidilutive shares for the three and nine months ended September 30, 2020, respectively.

The following is a summary of the basic and diluted earnings per share computation (dollars in thousands, except per share data):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Basic earnings per share computation:
Net income available to common shareholders	$	9,600	$	6,395	$	28,134	$	15,302
Average common shares outstanding – basic		15,557,528		15,160,579		15,192,919		14,903,757
Basic earnings per share	$	0.62	$	0.42	$	1.85	$	1.03
Diluted earnings per share computation:
Net income available to common shareholders	$	9,600	$	6,395	$	28,134	$	15,302
Average common shares outstanding – basic		15,557,528		15,160,579		15,192,919		14,903,757
Incremental shares from assumed conversions:
Stock options and restricted stock		133,598		50,032		119,836		61,698
Average common shares outstanding - diluted		15,691,126		15,210,611		15,312,755		14,965,455
Diluted earnings per common share	$	0.61	$	0.42	$	1.84	$	1.02