Note 4 - Earnings Per Common Share -

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 4 – Earnings per Common Share –

Basic earnings per common share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock options and unvested restricted stock awards (“RSAs”), excluding any that were antidilutive. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method.

	Years Ended December 31,
	2022		2021		2020
	(Dollars in thousands, except per share data)
Numerator:
Net Income	$	54,255	$	52,136	$	29,994
Less: Preferred Stock Dividends		1,350		-		-
Net Income Available to Common Shareholders	$	52,905	$	52,136	$	29,994
Denominator:
Weighted Average Common Shares Outstanding		22,633,478		20,502,249		18,169,599
Dilutive Effect of Stock Options and Restricted Stock Awards		184,015		132,032		73,846
Weighted Average Dilutive Common Shares		22,817,493		20,634,281		18,243,445
Basic Earnings Per Common Share From Net Income Available to Common Shares	$	2.34	$	2.54	$	1.65
Diluted Earnings Per Common Share From Net Income Available to Common Shares	$	2.32	$	2.53	$	1.64