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Earnings Per Share
9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
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. There were no stock options outstanding as of September 30, 2024 and 2023. The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share.
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Dollars in thousands - except per share amounts)2024202320242023
Distributed earnings allocated to common stock$8,821 $7,900 $25,438 $23,694 
Undistributed earnings allocated to common stock25,801 24,707 74,795 71,894 
Net earnings allocated to common stock34,622 32,607 100,233 95,588 
Net earnings allocated to participating securities315 332 952 910 
Net income allocated to common stock and participating securities$34,937 $32,939 $101,185 $96,498 
Weighted average shares outstanding for basic earnings per common share24,514,144 24,660,508 24,489,665 24,677,914 
Dilutive effect of stock compensation— — — — 
Weighted average shares outstanding for diluted earnings per common share24,514,144 24,660,508 24,489,665 24,677,914 
Basic earnings per common share$1.41 $1.32 $4.09 $3.87 
Diluted earnings per common share$1.41 $1.32 $4.09 $3.87