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PER SHARE DATA

12 Months Ended

Dec. 31, 2022

4. PER SHARE DATA

Basic earnings per common share are calculated using the two-class method to determine income attributable to common shareholders. Unvested restricted stock awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Distributed dividends and an allocation of undistributed net income to participating securities reduce the amount of income attributable to common shareholders. Income attributable to common shareholders is then divided by weighted-average common shares outstanding for the period to determine basic earnings per common share.

Diluted earnings per common share are calculated under the more dilutive of either the treasury method or the two-class method. Diluted earnings per common share is computed using weighted-average common shares outstanding, plus weighted-average common shares available from the exercise of all dilutive stock options, less the number of shares that could be repurchased with the proceeds of stock option exercises based on the average share price of the Corporation’s common stock during the period.


(In Thousands, Except Share and Per Share Data)	Years Ended
	December 31,		December 31,		December 31,
	2022		2021		2020
Basic
Net income	$	26,618	$	30,554	$	19,222
Less: Dividends and undistributed earnings allocated to participating securities		(237)		(241)		(116)
Net income attributable to common shares	$	26,381	$	30,313	$	19,106
Basic weighted-average common shares outstanding		15,455,432		15,765,639		14,743,386
Basic earnings per common share (a)	$	1.71	$	1.92	$	1.30
Diluted
Net income attributable to common shares	$	26,381	$	30,313	$	19,106
Basic weighted-average common shares outstanding		15,455,432		15,765,639		14,743,386
Dilutive effect of potential common stock arising from stock options		3,099		6,316		3,662
Diluted weighted-average common shares outstanding		15,458,531		15,771,955		14,747,048
Diluted earnings per common share (a)	$	1.71	$	1.92	$	1.30
Weighted-average nonvested restricted shares outstanding		138,617		125,539		89,718

(a)	Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares with nonforfeitable dividends (participating securities).

Anti-dilutive stock options are excluded from net income per share calculations. There were no anti-dilutive instruments in 2022 or 2021. Weighted-average common shares available from anti-dilutive instruments totaled 32,538 shares in 2020.