Earnings per Share

9 Months Ended

Sep. 30, 2023

Earnings per Share

Earnings per Share

10. Earnings per Share

Basic and diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Shares excluded from the calculation of diluted earnings per share because their inclusion would be anti-dilutive were 160,384 and 5,425 for the three months ended September 30, 2023, and 2022, respectively, and 210,457 and 12,841 for the nine months ended September 30, 2023, and 2022, respectively.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in thousands)
Numerator:
Net income	$	3,857	$	11,910	$	21,253	$	24,063
Denominator:
Basic weighted-average common shares outstanding		11,432,794		11,265,767		11,418,372		11,259,655
Dilutive shares		395,022		523,154		443,496		471,013
Diluted weighted-average common shares outstanding		11,827,816		11,788,921		11,861,868		11,730,668
Basic earnings per share	$	0.34	$	1.06	$	1.86	$	2.14
Diluted earnings per share	$	0.33	$	1.01	$	1.79	$	2.05