Earnings Per Common Share ("EPS")

3 Months Ended

Mar. 31, 2023

(3.) EARNINGS PER COMMON SHARE (“EPS”)

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS (in thousands, except per share amounts).


	Three months ended March 31,
	2023			2022
Net income available to common shareholders	$	11,724		$	14,618
Weighted average common shares outstanding:
Total shares issued		16,100			16,100
Unvested restricted stock awards		(6	)		(5	)
Treasury shares		(746	)		(518	)
Total basic weighted average common shares outstanding		15,348			15,577
Incremental shares from assumed:
Vesting of restricted stock awards		87			122
Total diluted weighted average common shares outstanding		15,435			15,699
Basic earnings per common share	$	0.76		$	0.94
Diluted earnings per common share	$	0.76		$	0.93

For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive (in thousands):


	Three months ended March 31,
	2023		2022
Restricted stock awards		3		—