| Schedule of Computation of Basic and Diluted Earnings Per Share |
The computation of basic and diluted earnings per common share is shown below. There were no anti-dilutive stock options for the years ended December 31, 2022, 2021, and 2020.
| | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2022 | | 2021 | | 2020 | | Basic earnings per common share computation | | | | | | | Net income per consolidated statements of income | $ | 58,886 | | | $ | 53,405 | | | $ | 31,596 | | | Net earnings allocated to participating securities | (229) | | | (183) | | | (100) | | | Net earnings allocated to common stock | $ | 58,657 | | | $ | 53,222 | | | $ | 31,496 | | | Distributed earnings allocated to common stock | $ | 12,508 | | | $ | 11,514 | | | $ | 10,942 | | | Undistributed earnings allocated to common stock | 46,149 | | | 41,708 | | | 20,554 | | | Net earnings allocated to common stock | $ | 58,657 | | | $ | 53,222 | | | $ | 31,496 | | | Weighted average common shares outstanding, including shares considered participating securities | 18,057 | | | 16,875 | | | 16,048 | | | Less: Average participating securities | (70) | | | (55) | | | (48) | | | Weighted average shares | 17,987 | | | 16,820 | | | 16,000 | | | Basic earnings per common share | $ | 3.26 | | | $ | 3.16 | | | $ | 1.97 | | | Diluted earnings per common share computation | | | | | | | Net earnings allocated to common stock | $ | 58,657 | | | $ | 53,222 | | | $ | 31,496 | | | Weighted average common shares outstanding for basic earnings per common share | 17,987 | | | 16,820 | | | 16,000 | | | Add: Dilutive effects of performance based-shares | 33 | | | — | | | — | | | Weighted average shares and dilutive potential common shares | 18,020 | | | 16,820 | | | 16,000 | | | Diluted earnings per common share | $ | 3.26 | | | $ | 3.16 | | | $ | 1.97 | |
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