Earnings per Common Share

9 Months Ended

Sep. 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 nine-months ended September 30, 2021 and 2020.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Basic
Net income	$	9,642	$	7,682	$	29,564	$	22,019
Less allocation of earnings and dividends to participating securities		46		26		122		64
Net income available to common shareholders—basic	$	9,596	$	7,656	$	29,442	$	21,955
Weighted average common shares outstanding		15,168,233		16,045,544		15,543,488		16,201,898
Less average participating securities		72,071		54,274		64,064		47,246
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,096,162		15,991,270		15,479,424		16,154,652
Earnings per common share:
Basic	$	0.64	$	0.48	$	1.90	$	1.36
Diluted		0.64		0.48		1.90		1.36

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.