EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
	2021		2020		2021		2020
Basic
Net income per consolidated statements of income	$	13,336	$	10,811	$	25,453	$	16,908
Less: Earnings allocated to participating securities		(84)		(95)		(106)		(164)
Net income available to common stockholders	$	13,252	$	10,716	$	25,347	$	16,744
Weighted average common shares outstanding including participating securities		8,343,946		8,294,801		8,329,003		8,299,503
Less: Weighted average participating securities		(31,712)		(73,053)		(34,599)		(80,650)
Weighted average common shares outstanding		8,312,234		8,221,748		8,294,404		8,218,853
Basic earnings per common share	$	1.59	$	1.30	$	3.06	$	2.04
Diluted
Net income available to common stockholders	$	13,252	$	10,716	$	25,347	$	16,744
Weighted average common shares outstanding for basic earnings per common share		8,312,234		8,221,748		8,294,404		8,218,853
Add: Dilutive effects of assumed exercise of stock options		162,674		74,597		153,545		108,905
Add: Dilutive effects of assumed vesting of performance based restricted stock units		38,495		63,105		31,613		63,756
Add: Dilutive effects of assumed vesting of restricted stock units		30,071		—		17,383		—
Average shares and dilutive potential common shares		8,543,474		8,359,450		8,496,945		8,391,514
Dilutive earnings per common share	$	1.55	$	1.28	$	2.98	$	2.00

All stock options and performance based restricted stock units were considered in computing diluted earnings per common share for the three and six months ended June 30, 2021 and 2020. 105,424 restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive for the three and six months ended June 30, 2021.