Earnings Per Share

12 Months Ended

Dec. 31, 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 assumed conversion of the Company’s convertible preferred stock and the Company’s stock options and restricted stock awarded, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the years ended December 31, 2023, 2022, and 2021 were as follows:


	2023		2022		2021
Basic net income per common share available to common stockholders:
Net income available to common stockholders	$	68,935,000	$	72,952,000	$	51,490,000
Weighted average common shares outstanding		21,780,217		20,169,077		17,886,998
Basic earnings per common share	$	3.17	$	3.62	$	2.88
Diluted net income per common share available to common stockholders:
Net income available to common stockholders	$	68,935,000	$	72,952,000	$	51,490,000
Weighted average common shares outstanding		21,780,217		20,169,077		17,886,998
Dilutive potential common shares:
Restricted stock awarded		88,571		74,558		52,009
Dilutive potential common shares		88,571		74,558		52,009
Diluted weighted average common shares outstanding		21,868,788		20,243,635		17,939,007
Diluted earnings per common share	$	3.15	$	3.60	$	2.87

There were no shares not considered in computing diluted earnings per share for the years ended December 31, 2023, 2022, and 2021.