Earnings Per Share

9 Months Ended

Sep. 30, 2023

Note 6: Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding, after taking into consideration all dilutive potential shares outstanding during the period.

Basic and diluted earnings per share were calculated as follows:


	(dollars in thousands, except per share data)
	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income	$	1,844	$	3,823	$	9,435	$	14,250
Weighted average shares outstanding - basic		43,522,768		50,423,923		43,385,316		50,674,870
Effect of dilutive securities attributable to stock based awards		210,938		293,503		170,672		405,534
Weighted average shares outstanding - diluted		43,733,706		50,717,426		43,555,988		51,080,404
Income per common share:
Basic	$	0.04	$	0.08	$	0.22	$	0.28
Diluted	$	0.04	$	0.08	$	0.22	$	0.28
Anti-dilutive securities excluded from earnings per share calculation		312,217		1,176,621		515,226		821,794