| Computation of Basic and Diluted Earnings Per Share |
The computation of basic and diluted earnings per share is shown
below:
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Basic earnings per common share computation:
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Net income per consolidated statements of income
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$ |
7,246 |
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$ |
6,416 |
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$ |
20,409 |
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$ |
15,500 |
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Net earnings allocated to participating securities
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(40 |
) |
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(40 |
) |
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(120 |
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(101 |
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Net earnings allocated to common stock
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$ |
7,206 |
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$ |
6,376 |
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$ |
20,289 |
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$ |
15,399 |
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Distributed earnings allocated to common stock
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$ |
2,506 |
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$ |
2,370 |
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$ |
7,521 |
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$ |
7,107 |
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Undistributed earnings allocated to common stock
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4,700 |
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4,006 |
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12,768 |
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8,292 |
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Net earnings allocated to common stock
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$ |
7,206 |
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$ |
6,376 |
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$ |
20,289 |
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$ |
15,399 |
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Weighted average common shares outstanding, including shares
considered participating securities
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15,285 |
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14,464 |
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15,188 |
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14,453 |
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Less: Average participating securities
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(78 |
) |
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(82 |
) |
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(84 |
) |
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(85 |
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Weighted average shares
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15,207 |
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14,382 |
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15,104 |
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14,368 |
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Basic earnings per common share
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$ |
0.47 |
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$ |
0.44 |
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$ |
1.34 |
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$ |
1.07 |
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Diluted earnings per common share computation:
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Net earnings allocated to common stock
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$ |
7,206 |
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$ |
6,376 |
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$ |
20,289 |
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$ |
15,399 |
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Weighted average shares and dilutive potential common shares
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15,207 |
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14,382 |
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15,104 |
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14,368 |
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Diluted earnings per common share
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$ |
0.47 |
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$ |
0.44 |
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$ |
1.34 |
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$ |
1.07 |
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