Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

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,	2021	2020	2021	2020
Earnings per common share - basic:
Net income	$18,751	$18,322	$56,682	$51,263
Less: dividends and undistributed earnings allocated to participating securities	(55)	(37)	(163)	(109)
Net income available to common shareholders	$18,696	$18,285	$56,519	$51,154
Weighted average common shares	17,320	17,260	17,303	17,287
Earnings per common share - basic	$1.08	$1.06	$3.27	$2.96
Earnings per common share - diluted:
Net income	$18,751	$18,322	$56,682	$51,263
Less: dividends and undistributed earnings allocated to participating securities	(54)	(37)	(162)	(109)
Net income available to common shareholders	$18,697	$18,285	$56,520	$51,154
Weighted average common shares	17,320	17,260	17,303	17,287
Dilutive effect of common stock equivalents	124	57	148	82
Weighted average diluted common shares	17,444	17,317	17,451	17,369
Earnings per common share - diluted	$1.07	$1.06	$3.24	$2.95

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 148,542 and 149,675, respectively, for the three and nine months ended September 30, 2021, compared to 223,210 and 221,047, respectively, for the same periods in 2020.