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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Common Share
16.
Earnings Per Common Share

Basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method, plus the dilutive effect of convertible preferred stock using the if-converted method.

The following table presents a reconciliation of net income available to common shareholders and the number of shares used in the calculation of basic and diluted earnings per common share shown on the consolidated statements of income.

 

 

For the Three Months Ended March 31,

 

(Dollars in thousands, except share and per share data)

 

2023

 

 

2022

 

Net income

 

$

9,243

 

 

$

2,087

 

Less dividends declared, Preferred Series A stock

 

 

1,171

 

 

 

—

 

Net income available to common shareholders

 

$

8,072

 

 

$

2,087

 

Weighted-average shares outstanding for basic earnings per common share

 

 

13,532,545

 

 

 

13,385,324

 

Dilutive effect of stock compensation and other dilutive securities

 

 

3,269,270

 

 

 

369,702

 

Weighted-average shares outstanding for diluted earnings per common share

 

 

16,801,815

 

 

 

13,755,026

 

Basic earnings per share

 

$

0.60

 

 

$

0.16

 

Diluted earnings per share

 

$

0.55

 

 

$

0.15