Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023, and June 30, 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Basic earnings per share computation:
Net income available to common shareholders	$	8,836	$	10,215	$	20,336	$	18,475
Average common shares outstanding – basic		16,806,389		16,734,930		16,798,939		16,726,696
Basic earnings per share	$	0.53	$	0.61	$	1.21	$	1.11
Diluted earnings per share computation:
Net income available to common shareholders	$	8,836	$	10,215	$	20,336	$	18,475
Average common shares outstanding – basic		16,806,389		16,734,930		16,798,939		16,726,696
Incremental shares from assumed conversions:
Stock options and restricted stock		91,702		132,844		98,505		136,603
Average common shares outstanding - diluted		16,898,091		16,867,774		16,897,444		16,863,299
Diluted earnings per common share	$	0.52	$	0.61	$	1.20	$	1.10