Earnings per Common Share

9 Months Ended

Sep. 30, 2023

The following table presents the calculation of EPS:


(Dollars and shares in thousands, except per share amounts)
	Three Months		Nine Months
Periods ended September 30,	2023	2022	2023	2022
Earnings for basic and diluted earnings per common share:
Net income	$11,161	$18,668	$35,229	$55,108
Less: dividends and undistributed earnings allocated to participating securities	(21)	(53)	(69)	(164)
Net income available to common shareholders	$11,140	$18,615	$35,160	$54,944

Shares:




Weighted average common shares outstanding	17,019	17,174	17,034	17,269
Dilutive effect of common stock equivalents	22	124	29	120
Weighted average diluted common shares outstanding	17,041	17,298	17,063	17,389

Earnings per common share:
Basic earnings per common share	$0.65	$1.08	$2.06	$3.18
Diluted earnings per common share	$0.65	$1.08	$2.06	$3.16

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 468,524 and 452,472, respectively, for the three and nine months ended September 30, 2023, compared to 137,886 and 140,777, respectively, for the same periods in 2022.