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Earnings Per Share (Tables)
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Calculation of Basic Earnings Per Share

The table below presents basic and diluted earnings per share for the years ended December 31, 2021, 2020, and 2019.

 

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Earnings per share

 

 

 

 

 

 

 

 

 

Net income

 

$

32,515

 

 

$

23,495

 

 

$

20,095

 

Less: distributed earnings allocated to
   participating securities

 

 

(97

)

 

 

(70

)

 

 

(57

)

Less: undistributed earnings allocated to
   participating securities

 

 

(187

)

 

 

(121

)

 

 

(96

)

Net earnings available to common
   shareholders

 

$

32,231

 

 

$

23,304

 

 

$

19,942

 

Weighted average common shares outstanding
   including participating securities

 

 

13,206,713

 

 

 

11,664,852

 

 

 

11,146,270

 

Less: average unvested restricted shares

 

 

(115,291

)

 

 

(94,634

)

 

 

(84,879

)

Weighted average common shares outstanding

 

 

13,091,422

 

 

 

11,570,218

 

 

 

11,061,391

 

Basic and diluted earnings per share

 

$

2.46

 

 

$

2.01

 

 

$

1.80