Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share

Earnings Per Share

NOTE 23 Earnings Per Share

The calculation of basic and diluted earnings per share using the two-class method for the years ending December 31, 2022, 2021, and 2020 is presented below:

	Year ended
	December 31,
(dollars and shares in thousands, except per share data)	2022		2021		2020
Net income	$	40,005	$	52,681	$	44,675
Dividends and undistributed earnings allocated to participating securities		416		802		770
Net income available to common shareholders	$	39,589	$	51,879	$	43,905
Weighted-average common shares outstanding for basic earnings per share		18,640		17,189		17,106
Dilutive effect of stock-based awards		244		297		332
Weighted-average common shares outstanding for diluted earnings per share		18,884		17,486		17,438
Earnings per common share:
Basic earnings per common share	$	2.12	$	3.02	$	2.57
Diluted earnings per common share	$	2.10	$	2.97	$	2.52