EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period, which includes shares held in treasury on behalf of participants in the Company’s Directors Fee Deferral Plan, and share repurchases. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock based awards and warrants, none of which were antidilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Weighted average shares outstanding for basic earnings per common share	25,533,832		25,479,654		25,525,734		25,472,185
Dilutive effect of stock based awards	200,781		155,634		184,354		136,470
Weighted average shares outstanding for diluted earnings per common share	25,734,613		25,635,288		25,710,088		25,608,655

Basic earnings per common share	$	1.12	$	0.95	$	3.05	$	2.81
Diluted earnings per common share	$	1.11	$	0.94	$	3.03	$	2.79