EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2026

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 months ended March 31, 2026 and 2025, 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 March 31,
	2026		2025
Basic earnings per common share computation:
Net income per condensed consolidated statements of income	$	25,961	$	10,406
Net earnings allocated to participating securities	(237)		(57)
Net earnings allocated to common stock	$	25,724	$	10,349
Distributed earnings allocated to common stock	$	5,572	$	3,756
Undistributed earnings allocated to common stock	20,152		6,593
Net earnings allocated to common stock	$	25,724	$	10,349
Weighted average common shares outstanding, including shares considered participating securities	29,576		20,981
Less: Average participating securities	(259)		(114)
Weighted average shares	29,317		20,867
Basic earnings per common share	$	0.88	$	0.50
Diluted earnings per common share computation:
Net earnings allocated to common stock	$	25,724	$	10,349
Weighted average common shares outstanding for basic earnings per common share	29,317		20,867
Add: Dilutive effect of stock compensation	122		58
Weighted average shares and dilutive potential common shares	29,439		20,925
Diluted earnings per common share	$	0.88	$	0.50