EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2024

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted average number of common shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three and six months ended June 30, 2024 and 2023, there were no outstanding stock options to include in the diluted earnings per common share calculations.

Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per common share pursuant to the two-class method. The Corporation has determined that its outstanding non-vested time-based restricted stock awards are participating securities.

The computation of basic and diluted earnings per common share is shown below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic earnings per common share computation:
Net income per condensed consolidated statements of income	$	11,882	$	12,752	$	23,407	$	28,166
Net earnings allocated to participating securities	(101)		(74)		(192)		(154)
Net earnings allocated to common stock	$	11,781	$	12,678	$	23,215	$	28,012
Distributed earnings allocated to common stock	$	3,642	$	3,650	$	7,288	$	7,322
Undistributed earnings allocated to common stock	8,139		9,028		15,927		20,690
Net earnings allocated to common stock	$	11,781	$	12,678	$	23,215	$	28,012
Weighted average common shares outstanding, including shares considered participating securities	21,005		21,033		20,992		21,087
Less: Average participating securities	(174)		(116)		(165)		(108)
Weighted average shares	20,831		20,917		20,827		20,979
Basic earnings per common share	$	0.57	$	0.61	$	1.12	$	1.34
Diluted earnings per common share computation:
Net earnings allocated to common stock	$	11,781	$	12,678	$	23,215	$	28,012
Weighted average common shares outstanding for basic earnings per common share	20,831		20,917		20,827		20,979
Add: Dilutive effect of stock compensation	62		40		63		40
Weighted average shares and dilutive potential common shares	20,893		20,957		20,890		21,019
Diluted earnings per common share	$	0.56	$	0.61	$	1.11	$	1.33