Earnings Per Share

12 Months Ended

Dec. 31, 2023

The following table presents the computation of basic and diluted EPS:


(In thousands, except per share data)
	2023		2022		2021
Net income	$	37,397	$	54,806	$	29,319

Weighted average shares outstanding (basic)	16,319,006		15,912,877		10,806,009
Effect of dilutive unvested restricted stock grants	31,957		21,758		13,570
Weighted average shares outstanding (diluted)	16,350,963		15,934,635		10,819,579

Basic earnings per common share	$	2.29	$	3.44	$	2.71
Diluted earnings per common share	2.29		3.44		2.71

There were no antidilutive shares at December 31, 2023, 2022, and 2021.

As previously announced on a Form 8-K on May 4, 2021, Mid Penn completed an underwritten public offering of 2,990,000 shares of common stock at a price of $25.00 per share, with the aggregate gross proceeds of the offering totaling $74.8 million before underwriting discounts and offering expenses. The net proceeds of the offering after deducting the underwriting discount and other offering expenses were $70.2 million.

Additionally, as previously announced on a Form 8-K on December 1, 2021, Mid Penn issued 4,519,776 shares of common stock as a result of the merger with Riverview on November 30, 2021. The additional shares issued on May 4, 2021 and November 30, 2021 significantly impacted the weighted average number of shares outstanding used for the year ended December 31, 2022 earnings per share calculations.