Earnings per Common Share

3 Months Ended

Mar. 31, 2023

The following table presents the calculation of EPS:


(Dollars and shares in thousands, except per share amounts)

Three months ended March 31,	2023	2022
Earnings for basic and diluted earnings per common share:
Net income	$12,812	$16,483
Less: dividends and undistributed earnings allocated to participating securities	(29)	(54)
Net income available to common shareholders	$12,783	$16,429

Shares:




Weighted average common shares outstanding	17,074	17,331
Dilutive effect of common stock equivalents	96	151
Weighted average diluted common shares outstanding	17,170	17,482

Earnings per common share:
Basic earnings per common share	$0.75	$0.95
Diluted earnings per common share	$0.74	$0.94

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 303,982 for the three months ended March 31, 2023, compared to 94,175 for the same period in 2022.