Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings per common share is computed using the two-class method. Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include non-vested restricted stock awards. Non-vested restricted stock awards are considered participating securities to the extent the holders of these securities receive non-forfeitable dividends at the same rate as holders of common stock. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.

Stock options, where the exercise price was greater than the average market price of the common shares, were excluded from the computation of diluted earnings per common share because the result would have been antidilutive. No stock options were considered antidilutive as of December 31, 2023, 2022 and 2021.

The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share for the three years ending December 31.


(Dollars in thousands - except per share amounts)	2023		2022		2021
Distributed earnings allocated to common stock	$	32,001	$	31,095	$	30,369
Undistributed earnings allocated to common stock	91,735		88,419		87,237
Net earnings allocated to common stock	123,736		119,514		117,606
Net earnings allocated to participating securities	1,191		995		928
Net income allocated to common stock and participating securities	$	124,927	$	120,509	$	118,534

Weighted average shares outstanding for basic earnings per common share	24,615,546		24,687,324		25,038,127
Dilutive effect of stock compensation	—		—		—
Weighted average shares outstanding for diluted earnings per common share	24,615,546		24,687,324		25,038,127

Basic earnings per common share	$	5.03	$	4.84	$	4.70
Diluted earnings per common share	$	5.03	$	4.84	$	4.70