XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHAREEarnings per common share is calculated utilizing the two-class method. Basic earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards. The diluted earnings per common share computation for both the three and nine months ended September 30, 2022 excluded antidilutive stock options of 45,698 and excluded antidilutive stock options of 69,145 for the comparable periods in 2021, respectively, because the exercise prices of these stock options exceeded the average market prices of the Company’s common shares for
those respective periods. Presented below are the calculations for basic and diluted earnings per common share for the three and nine months ended September 30, 2022 and 2021:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share data)2022202120222021
Net income$23,521 $19,548 $66,153 $58,210 
Common shareholder dividends(6,400)(6,239)(19,186)(18,741)
Unvested restricted stock award dividends(70)(60)(218)(186)
Undistributed earnings to unvested restricted stock awards(185)(126)(519)(386)
Undistributed earnings to common shareholders$16,866 $13,123 $46,230 $38,897 
Basic
Distributed earnings to common shareholders$6,400 $6,239 $19,186 $18,741 
Undistributed earnings to common shareholders16,866 13,123 46,230 38,897 
Total common shareholders earnings, basic$23,266 $19,362 $65,416 $57,638 
Diluted
Distributed earnings to common shareholders$6,400 $6,239 $19,186 $18,741 
Undistributed earnings to common shareholders16,866 13,123 46,230 38,897 
Total common shareholders earnings23,266 19,362 65,416 57,638 
Add back:
Undistributed earnings reallocated from unvested restricted stock awards— — 1 1 
Total common shareholders earnings, diluted$23,266 $19,362 $65,417 $57,639 
Weighted average common shares outstanding, basic22,338,828 22,520,499 22,306,323 22,544,898 
Options51,610 57,381 60,772 69,074 
Weighted average common shares outstanding, diluted22,390,438 22,577,880 22,367,095 22,613,972 
Basic earnings per common share$1.04 $0.86 $2.93 $2.56 
Diluted earnings per common share1.04 0.86 2.92 2.55