Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022, and 2021.


	Years Ended December 31,
	2023		2022		2021
Basic earnings per common share computation
Net income per consolidated statements of income	$	53,718	$	58,886	$	53,405
Net earnings allocated to participating securities	(283)		(229)		(183)
Net earnings allocated to common stock	$	53,435	$	58,657	$	53,222
Distributed earnings allocated to common stock	$	14,607	$	12,508	$	11,514
Undistributed earnings allocated to common stock	38,828		46,149		41,708
Net earnings allocated to common stock	$	53,435	$	58,657	$	53,222
Weighted average common shares outstanding, including shares considered participating securities	21,010		18,057		16,875
Less: Average participating securities	(106)		(70)		(55)
Weighted average shares	20,904		17,987		16,820
Basic earnings per common share	$	2.56	$	3.26	$	3.16
Diluted earnings per common share computation
Net earnings allocated to common stock	$	53,435	$	58,657	$	53,222
Weighted average common shares outstanding for basic earnings per common share	20,904		17,987		16,820
Add: Dilutive effects of performance based-shares	40		33		—
Weighted average shares and dilutive potential common shares	20,944		18,020		16,820
Diluted earnings per common share	$	2.55	$	3.26	$	3.16