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Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Earnings per common share is computed using the two-class method. Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include non-vested restricted stock awards. Non-vested restricted stock awards are considered participating securities to the extent the holders of these securities receive non-forfeitable dividends at the same rate as holders of common stock. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Stock options, where the exercise price was greater than the average market price of the common shares, were excluded from the computation of diluted earnings per common share because the result would have been antidilutive. There were no stock options outstanding as of September 30, 2022 and 2021. The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in thousands - except per share amounts) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Distributed earnings allocated to common stock |  | $ | 7,890 |  |  | $ | 7,749 |  |  | $ | 23,230 |  |  | $ | 22,681 |
Undistributed earnings allocated to common stock |  | 24,571 |  |  | 24,472 |  |  | 65,489 |  |  | 67,422 |
Net earnings allocated to common stock |  | 32,461 |  |  | 32,221 |  |  | 88,719 |  |  | 90,103 |
Net earnings allocated to participating securities |  | 276 |  |  | 262 |  |  | 722 |  |  | 708 |
Net income allocated to common stock and participating securities |  | $ | 32,737 |  |  | $ | 32,483 |  |  | $ | 89,441 |  |  | $ | 90,811 |
Weighted average shares outstanding for basic earnings per common share |  | 24,656,736 |  |  | 24,919,956 |  |  | 24,697,106 |  |  | 25,126,703 |
Dilutive effect of stock compensation |  | — |  |  | — |  |  | — |  |  | — |
Weighted average shares outstanding for diluted earnings per common share |  | 24,656,736 |  |  | 24,919,956 |  |  | 24,697,106 |  |  | 25,126,703 |
Basic earnings per common share |  | $ | 1.32 |  |  | $ | 1.29 |  |  | $ | 3.59 |  |  | $ | 3.59 |
Diluted earnings per common share |  | $ | 1.32 |  |  | $ | 1.29 |  |  | $ | 3.59 |  |  | $ | 3.59 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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