Earnings Per Common Share

12 Months Ended

Dec. 31, 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)
Years ended December 31,	2020	2019	2018
Earnings per common share - basic:
Net income	$69,829	$69,118	$68,432
Less: dividends and undistributed earnings allocated to participating securities	(152)	(139)	(144)
Net income available to common shareholders	$69,677	$68,979	$68,288
Weighted average common shares	17,282	17,331	17,272
Earnings per common share - basic	$4.03	$3.98	$3.95
Earnings per common share - diluted:
Net income	$69,829	$69,118	$68,432
Less: dividends and undistributed earnings allocated to participating securities	(151)	(139)	(144)
Net income available to common shareholders	$69,678	$68,979	$68,288
Weighted average common shares	17,282	17,331	17,272
Dilutive effect of common stock equivalents	120	83	119
Weighted average diluted common shares	17,402	17,414	17,391
Earnings per common share - diluted	$4.00	$3.96	$3.93

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 223,506, 100,643 and 55,821, respectively, for the years ended December 31, 2020, 2019 and 2018.