EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 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 nine months ended September 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic earnings per common share computation:
Net income per condensed consolidated statements of income	$	12,878	$	12,651	$	36,285	$	40,817
Net earnings allocated to participating securities	(101)		(70)		(291)		(222)
Net earnings allocated to common stock	$	12,777	$	12,581	$	35,994	$	40,595
Distributed earnings allocated to common stock	$	3,746	$	3,645	$	11,036	$	10,969
Undistributed earnings allocated to common stock	9,031		8,936		24,958		29,626
Net earnings allocated to common stock	$	12,777	$	12,581	$	35,994	$	40,595
Weighted average common shares outstanding, including shares considered participating securities	20,997		20,969		20,994		21,048
Less: Average participating securities	(155)		(109)		(162)		(109)
Weighted average shares	20,842		20,860		20,832		20,939
Basic earnings per common share	$	0.61	$	0.60	$	1.73	$	1.94
Diluted earnings per common share computation:
Net earnings allocated to common stock	$	12,777	$	12,581	$	35,994	$	40,595
Weighted average common shares outstanding for basic earnings per common share	20,842		20,860		20,832		20,939
Add: Dilutive effect of stock compensation	70		40		64		40
Weighted average shares and dilutive potential common shares	20,912		20,900		20,896		20,979
Diluted earnings per common share	$	0.61	$	0.60	$	1.72	$	1.94