Earnings Per Share

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 were as follows:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Basic net income per common share
Available to common stockholders:
Net income	$	17,758,000	$	12,221,000	$	34,374,000	$	16,330,000
Weighted average common shares outstanding		20,448,799		18,067,190		19,875,516		17,685,679
Basic earnings per common share	$	0.87	$	0.68	$	1.73	$	0.92

Diluted net income per common share
Available to common stockholders:
Net income applicable to diluted earnings per share	$	17,758,000	$	12,221,000	$	34,374,000	$	16,330,000
Weighted average common shares outstanding		20,448,799		18,067,190		19,875,516		17,685,679
Dilutive potential common shares: restricted stock awarded		80,724		53,020		71,711		53,020
Diluted weighted average common shares outstanding		20,529,523		18,120,210		19,947,227		17,738,699
Diluted earnings per common share	$	0.86	$	0.68	$	1.72	$	0.92

There were no shares excluded when computing diluted earnings per share for the three and six months ended June 30, 2022 and 2021 because they were anti-dilutive.