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EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2021
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 7 – EARNINGS PER SHARE

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

Three months ended September 30, 

Nine months ended September 30, 

    

2021

    

2020

    

2021

    

2020

    

Basic

Net income per consolidated statements of income

$

16,215

$

10,783

$

41,668

$

27,690

Less: Earnings allocated to participating securities

(508)

(89)

(568)

(255)

Net income available to common stockholders

$

15,707

$

10,694

$

41,100

$

27,435

Weighted average common shares outstanding including participating securities

8,897,910

8,291,068

8,518,639

8,296,701

Less: Weighted average participating securities

(278,937)

(68,198)

(116,045)

(76,499)

Weighted average common shares outstanding

8,618,973

8,222,870

8,402,594

8,220,202

Basic earnings per common share

$

1.82

$

1.30

$

4.89

$

3.34

Diluted

Net income allocated to common stockholders

$

15,707

$

10,694

$

41,100

$

27,435

Weighted average common shares outstanding for basic earnings per common share

8,618,973

8,222,870

8,402,594

8,220,202

Add: Dilutive effects of assumed exercise of stock options

173,909

92,269

161,932

103,737

Add: Dilutive effects of assumed vesting of performance based restricted stock units

53,571

78,072

41,932

68,116

Add: Dilutive effects of assumed vesting of restricted stock units

46,651

29,939

Average shares and dilutive potential common shares

8,893,104

8,393,211

8,636,397

8,392,055

Dilutive earnings per common share

$

1.77

$

1.27

$

4.76

$

3.27

All stock options and performance based restricted stock units were considered in computing diluted earnings per common share for the three and nine months ended September 30, 2021 and 2020. 188,906 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 nine months ended September 30, 2021.

The Company began treating the Class B preferred stock as a participating security during the third quarter of 2021 and the impact was immaterial.