EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2021

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 6 – EARNINGS PER SHARE

The computation of basic and diluted earnings per share is shown below (dollars in thousands, except share data):

	Three months ended March 31,
	2021		2020
Basic
Net income per consolidated statements of income	$	12,117	$	6,097
Less: Earnings allocated to participating securities		(55)		(65)
Net income available to common stockholders	$	12,062	$	6,032
Weighted average common shares outstanding including participating securities		8,313,660		8,304,205
Less: Weighted average participating securities		(37,486)		(88,246)
Weighted average common shares outstanding		8,276,174		8,215,959
Basic earnings per common share	$	1.46	$	0.73
Diluted
Net income allocated to common stockholders	$	12,062	$	6,032
Weighted average common shares outstanding for basic earnings per common share		8,276,174		8,215,959
Add: Dilutive effects of assumed exercise of stock options		141,145		131,159
Add: Dilutive effects of assumed vesting of performance based restricted stock units		—		65,664
Average shares and dilutive potential common shares		8,417,319		8,412,782
Dilutive earnings per common share	$	1.43	$	0.72

All stock options and performance based restricted stock units were considered in computing diluted earnings per common share for the three months ended March 31, 2021 and 2020. 108,178 restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive for the three months ended March 31, 2021.