Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2023, and September 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Basic earnings per share computation:
Net income available to common shareholders	$	2,067	$	11,543	$	22,403	$	30,018
Average common shares outstanding – basic		16,807,548		16,749,255		16,801,840		16,734,298
Basic earnings per share	$	0.12	$	0.69	$	1.33	$	1.79
Diluted earnings per share computation:
Net income available to common shareholders	$	2,067	$	11,543	$	22,403	$	30,018
Average common shares outstanding – basic		16,807,548		16,749,255		16,801,840		16,734,298
Incremental shares from assumed conversions:
Stock options and restricted stock		111,087		122,767		105,485		133,672
Average common shares outstanding - diluted		16,918,635		16,872,022		16,907,325		16,867,970
Diluted earnings per common share	$	0.12	$	0.68	$	1.33	$	1.78