Earnings per Common Share

6 Months Ended

Jun. 30, 2021

(9) Earnings per Common Share

The Company has granted restricted stock awards with non-forfeitable rights, which are considered participating securities. Accordingly, earnings per share is computed using the two-class method as required by ASC 260-10-45. Basic earnings per common share are computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the Company’s equity incentive plan, computed using the treasury stock method. The Company had no dilutive securities for the three- and six-months ended June 30, 2021 and 2020.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Basic
Net income	$	9,164	$	6,504	$	19,922	$	14,337
Less allocation of earnings and dividends to participating securities		42		22		76		38
Net income available to common shareholders—basic	$	9,122	$	6,482	$	19,846	$	14,299
Weighted average common shares outstanding		15,602,329		16,044,125		15,734,226		16,280,935
Less average participating securities		72,563		54,274		59,995		43,693
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,529,766		15,989,851		15,674,231		16,237,242
Earnings per common share:
Basic	$	0.59	$	0.41	$	1.27	$	0.88
Diluted		0.59		0.41		1.27		0.88

The presentation for earnings per common share for prior periods was revised to present under the two-class method. Earnings per common share for prior periods was not impacted.