Earnings Per Share

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023 were as follows:


	Three months ended
	March 31,
	2024		2023
Basic net income per common share
Available to common stockholders:
Net income	$	20,503,000	$	19,180,000
Weighted average common shares outstanding		23,872,731		20,492,254
Basic earnings per common share	$	0.86	$	0.94

Diluted net income per common share
Available to common stockholders:
Net income applicable to diluted earnings per share	$	20,503,000	$	19,180,000
Weighted average common shares outstanding		23,872,731		20,492,254
Dilutive potential common shares: restricted stock awarded		87,604		71,718
Diluted weighted average common shares outstanding		23,960,335		20,563,972
Diluted earnings per common share	$	0.86	$	0.93

There were no shares excluded when computing diluted earnings per share for the three months ended March 31, 2024 and 2023 because they were anti-dilutive.