EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 7.           EARNINGS PER SHARE

The following table presents the calculation of earnings per share:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share and share data)	2022		2021		2022		2021
Net income	$	11,430	$	11,028	$	31,045	$	29,533
Average number of basic common shares outstanding		15,057,598		14,982,766		15,028,963		14,960,753
Plus: dilutive effect of stock options and awards outstanding		55,757		67,990		71,317		73,829
Average number of diluted common shares outstanding(1)		15,113,355		15,050,756		15,100,280		15,034,582
Earnings per share:
Basic	$	0.76	$	0.74	$	2.07	$	1.97
Diluted	$	0.76	$	0.73	$	2.06	$	1.96

(1) Average diluted shares outstanding are computed using the treasury stock method.