Earnings Per Share

6 Months Ended

Jun. 30, 2023

Note 2 -- Earnings Per Share

Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the Company’s stock options, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the three and six months ended June 30, 2023 and 2022 were as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Basic net income per common share
Available to common stockholders:
Net income	$	16,567,000	$	17,758,000	$	35,747,000	$	34,374,000
Weighted average common shares outstanding		20,528,717		20,448,799		20,510,585		19,875,516
Basic earnings per common share	$	0.81	$	0.87	$	1.74	$	1.73

Diluted net income per common share
Available to common stockholders:
Net income applicable to diluted earnings per share	$	16,567,000	$	17,758,000	$	35,747,000	$	34,374,000
Weighted average common shares outstanding		20,528,717		20,448,799		20,510,585		19,875,516
Dilutive potential common shares: restricted stock awarded		99,522		80,724		85,698		71,711
Diluted weighted average common shares outstanding		20,628,239		20,529,523		20,596,283		19,947,227
Diluted earnings per common share	$	0.80	$	0.86	$	1.74	$	1.72

There were no shares excluded when computing diluted earnings per share for the three and six months ended June 30, 2023 and 2022 because they were anti-dilutive.