Earnings Per Share

12 Months Ended

Dec. 31, 2022

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 stockholders 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 years ended December 31, 2022 and 2021, and 73 thousand antidilutive shares for the year ended December 31, 2020, respectively.

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

	2022		2021		2020
Basic earnings per share computation:
Net income available to common shareholders	$	43,022	$	34,790	$	24,332
Average common shares outstanding – basic		16,740,450		15,572,537		14,955,423
Basic earnings per share	$	2.57	$	2.23	$	1.63
Diluted earnings per share computation:
Net income available to common shareholders	$	43,022	$	34,790	$	24,332
Average common shares outstanding – basic		16,740,450		15,572,537		14,955,423
Incremental shares from assumed conversions:
Stock options and restricted stock		130,919		126,678		63,752
Average common shares outstanding - diluted		16,871,369		15,699,215		15,019,175
Diluted earnings per common share	$	2.55	$	2.22	$	1.62