Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and dilutive common share equivalents using the treasury stock method. Dilutive common share equivalents include common shares issuable upon exercise of outstanding stock options and restricted stock. The effect from the stock options and restricted stock on incremental shares from the assumed conversions for net income per share-basic and net income per share-diluted are

presented below. There were no antidilutive shares for the three and nine months ended September 30, 2022, and September 30, 2021, respectively.

The following is a summary of the basic and diluted earnings per share computation (dollars in thousands, except share and per share data):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Basic earnings per share computation:
Net income available to common shareholders	$	11,543	$	9,600	$	30,018	$	28,134
Average common shares outstanding – basic		16,749,255		15,557,528		16,734,298		15,192,919
Basic earnings per share	$	0.69	$	0.62	$	1.79	$	1.85
Diluted earnings per share computation:
Net income available to common shareholders	$	11,543	$	9,600	$	30,018	$	28,134
Average common shares outstanding – basic		16,749,255		15,557,528		16,734,298		15,192,919
Incremental shares from assumed conversions:
Stock options and restricted stock		122,767		133,598		133,672		119,836
Average common shares outstanding - diluted		16,872,022		15,691,126		16,867,970		15,312,755
Diluted earnings per common share	$	0.68	$	0.61	$	1.78	$	1.84