Note 4 - Earnings Per Common Share -

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 4 – Earnings per Common Share –

Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation.  Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.  The potential common shares that may be issued by the Company relate to outstanding stock options and unvested restricted stock awards (“RSAs”), excluding any that were antidilutive.  In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method.

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(Dollars in thousands, except per share data)
Numerator:
Net Income	$	19,739	$	13,757	$	34,764	$	22,488
Less: Preferred Stock Dividends		1,350		-		2,700		-
Net Income Available to Common Shares	$	18,389	$	13,757	$	32,064	$	22,488
Denominator:
Weighted Average Common Shares Outstanding		25,101,683		22,459,603		25,041,124		21,746,973
Dilutive Effect of Stock Options and RSAs		231,689		196,571		237,021		169,668
Weighted Average Dilutive Common Shares		25,333,372		22,656,174		25,278,145		21,916,641
Basic Earnings Per Common Share From Net Income Available to Common Shares	$	0.73	$	0.61	$	1.28	$	1.03
Diluted Earnings Per Common Share From Net Income Available to Common Shares	$	0.73	$	0.61	$	1.27	$	1.03