Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

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