Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share

Earnings Per Share

NOTE 17 Earnings Per Share

The calculation of basic and diluted earnings per share using the two-class method for the three and nine months ended September 30, 2022 and 2021 are presented below:

	Three months ended				Nine months ended
	September 30,				September 30,
(dollars and shares in thousands, except per share data)	2022		2021		2022		2021
Net income	$	9,619	$	13,067	$	29,096	$	39,976
Dividends and undistributed earnings allocated to participating securities		90		196		312		628
Net income available to common shareholders	$	9,529	$	12,871	$	28,784	$	39,348
Weighted-average common shares outstanding for basic earnings per share		19,987		17,205		18,186		17,182
Dilutive effect of stock-based awards		243		294		245		306
Weighted-average common shares outstanding for diluted earnings per share		20,230		17,499		18,431		17,488
Earnings per common share:
Basic earnings per common share	$	0.48	$	0.75	$	1.58	$	2.29
Diluted earnings per common share	$	0.47	$	0.74	$	1.56	$	2.26