EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 18 — EARNINGS PER COMMON SHARE

The Company uses the two-class method in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share calculation are as follows (in thousands, except per share data).

	Year Ended December 31,
	2023		2022		2021
Basic
Net income per consolidated statements of income	$	77,268	$	59,425	$	60,555
Less:  Earnings allocated to participating securities		(365)		(141)		(739)
Net income available to common stockholders	$	76,903	$	59,284	$	59,816
Weighted average common shares outstanding including participating securities		11,112,572		10,955,077		9,123,037
Less:  Weighted average participating securities		(52,462)		(26,056)		(111,337)
Weighted average common shares outstanding		11,060,110		10,929,021		9,011,700
Basic earnings per common share		6.95		5.42		6.64
Diluted
Net income allocated to common stockholders	$	76,903	$	59,284	$	59,816
Weighted average common shares outstanding for basic earnings per common share		11,060,110		10,929,021		9,011,700
Add:  Dilutive effects of assumed exercise of stock options		—		170,648		170,792
Add: Dilutive effects of assumed vesting of performance based restricted stock		69,790		56,711		51,581
Add:  Dilutive effects of assumed vesting of restricted stock units		—		43,804		38,749
Average shares and dilutive potential common shares		11,129,900		11,200,184		9,272,822
Dilutive earnings per common share	$	6.91	$	5.29	$	6.45

For the year ended December 31, 2023, 248,234 of restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive. All stock options, performance based restricted stock units and restrictive stock units were considered in computing diluted earnings per common share for the years ended December 31, 2022 and 2021.