Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings per Common Share

The following table presents the calculation of earnings per common share:


(Dollars and shares in thousands, except per share amounts)
	Three Months		Nine Months
Periods ended September 30,	2020	2019	2020	2019
Earnings per common share - basic:
Net income	$18,322	$18,814	$51,263	$53,582
Less dividends and undistributed earnings allocated to participating securities	(37)	(36)	(109)	(105)
Net income available to common shareholders	$18,285	$18,778	$51,154	$53,477
Weighted average common shares	17,260	17,338	17,287	17,324
Earnings per common share - basic	$1.06	$1.08	$2.96	$3.09
Earnings per common share - diluted:
Net income	$18,322	$18,814	$51,263	$53,582
Less dividends and undistributed earnings allocated to participating securities	(37)	(36)	(109)	(105)
Net income available to common shareholders	$18,285	$18,778	$51,154	$53,477
Weighted average common shares	17,260	17,338	17,287	17,324
Dilutive effect of common stock equivalents	57	76	82	82
Weighted average diluted common shares	17,317	17,414	17,369	17,406
Earnings per common share - diluted	$1.06	$1.08	$2.95	$3.07

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 223,210 and 221,047, respectively for the three and nine months ended September 30, 2020, compared to 93,075 and 87,775, respectively, for the same periods in 2019.