Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share

Earnings Per Share

NOTE 16 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, 2023 and 2022 are presented below:

	Three months ended				Nine months ended
	September 30,				September 30,
(dollars and shares in thousands, except per share data)	2023		2022		2023		2022
Net income	$	9,161	$	9,619	$	26,451	$	29,096
Dividends and undistributed earnings allocated to participating securities		67		90		186		312
Net income available to common shareholders	$	9,094	$	9,529	$	26,265	$	28,784
Weighted-average common shares outstanding for basic earnings per share		19,872		19,987		19,977		18,186
Dilutive effect of stock-based awards		223		243		216		245
Weighted-average common shares outstanding for diluted earnings per share		20,095		20,230		20,193		18,431
Earnings per common share:
Basic earnings per common share	$	0.46	$	0.48	$	1.31	$	1.58
Diluted earnings per common share	$	0.45	$	0.47	$	1.30	$	1.56