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Earnings per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data):
| Three months ended September 30, | Nine months ended September 30,
2023 | 2022 | 2023 | 2022
Net income available to common shareholders | $ | 29,839 |  | $ | 27,374 |  | $ | 86,913 |  | $ | 71,408 |
Less: earnings allocated to participating securities | (281) |  | (255) |  | (813) |  | (679) |
Net earnings allocated to common shareholders | $ | 29,558 |  | $ | 27,119 |  | $ | 86,100 |  | $ | 70,729 |
Distributed earnings allocated to common stock | $ | 10,554 |  | $ | 9,564 |  | $ | 29,744 |  | $ | 27,220 |
Undistributed earnings allocated to common stock | 19,004 |  | 17,555 |  | 56,356 |  | 43,509 |
Net earnings allocated to common shareholders | $ | 29,558 |  | $ | 27,119 |  | $ | 86,100 |  | $ | 70,729 |
Average shares outstanding | 14,922 |  | 14,776 |  | 14,906 |  | 14,878 |
Effect of dilutive securities: |  |  |  |
Employee stock awards | 23 |  | 24 |  | 22 |  | 23 |
Shares for diluted earnings per share | 14,945 |  | 14,800 |  | 14,928 |  | 14,901 |
Basic earnings per share | $ | 1.98 |  | $ | 1.84 |  | $ | 5.78 |  | $ | 4.75 |
Diluted earnings per share | $ | 1.98 |  | $ | 1.83 |  | $ | 5.77 |  | $ | 4.75 |
Anti-dilutive options are not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive. Anti-dilutive options were not significant for any of the periods shown above.

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