EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2024

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted average number of common shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three months ended March 31, 2024 and 2023, there were no outstanding stock options to include in the diluted earnings per common share calculations.

Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per common share pursuant to the two-class method. The Corporation has determined that its outstanding non-vested time-based restricted stock awards are participating securities.

The computation of basic and diluted earnings per common share is shown below:


	Three Months Ended March 31,
	2024		2023
Basic earnings per common share computation:
Net income per condensed consolidated statements of income	$	11,525	$	15,414
Net earnings allocated to participating securities	(92)		(78)
Net earnings allocated to common stock	$	11,433	$	15,336
Distributed earnings allocated to common stock	$	3,646	$	3,673
Undistributed earnings allocated to common stock	7,787		11,663
Net earnings allocated to common stock	$	11,433	$	15,336
Weighted average common shares outstanding, including shares considered participating securities	20,979		21,143
Less: Average participating securities	(155)		(100)
Weighted average shares	20,824		21,043
Basic earnings per common share	$	0.55	$	0.73
Diluted earnings per common share computation:
Net earnings allocated to common stock	$	11,433	$	15,336
Weighted average common shares outstanding for basic earnings per common share	20,824		21,043
Add: Dilutive effect of stock compensation	63		35
Weighted average shares and dilutive potential common shares	20,887		21,078
Diluted earnings per common share	$	0.55	$	0.73