Earnings Per Share

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023, and March 31, 2022, respectively.

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

	Three Months Ended
	March 31,
	2023		2022
Basic earnings per share computation:
Net income available to common shareholders	$	11,500	$	8,259
Average common shares outstanding – basic		16,791,406		16,718,371
Basic earnings per share	$	0.69	$	0.49
Diluted earnings per share computation:
Net income available to common shareholders	$	11,500	$	8,259
Average common shares outstanding – basic		16,791,406		16,718,371
Incremental shares from assumed conversions:
Stock options and restricted stock		105,088		139,917
Average common shares outstanding - diluted		16,896,494		16,858,288
Diluted earnings per common share	$	0.68	$	0.49