Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

Earnings Per Common ShareBasic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits. Diluted EPS includes accrued but unissued shares relating to the Director Compensation Program, stock options, and restricted stock determined using the treasury stock method. The dilutive EPS calculation assumes all outstanding stock options to purchase common stock have been exercised at the beginning of the year, and the pro forma proceeds from the exercised options and restricted stock are used to purchase common stock at the average fair market valuation price.

The computations of basic and diluted earnings per common share for the Company were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands, except share amounts)	2023		2022		2023		2022
Numerator:
Net income - basic	$	8,021	$	10,186	$	26,587	$	26,725
Net income - diluted	$	8,021	$	10,186	$	26,587	$	26,725

Denominator:
Weighted average shares outstanding - basic	7,168,413		7,183,915		7,176,219		7,179,984
Plus: Effect of Director Compensation Program	170		394		651		1,183
Plus: Effect of restricted stock	11,501		12,791		11,501		12,791
Weighted average shares outstanding - diluted	7,180,084		7,197,100		7,188,371		7,193,958

Earnings per common share:
Basic	$	1.12	$	1.42	$	3.70	$	3.72
Diluted	$	1.12	$	1.42	$	3.70	$	3.71