Earnings Per Share

9 Months Ended

Sep. 30, 2022

Note 2 -- Earnings Per Share

Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the Company’s stock options, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the three and nine months ended September 30, 2022 and 2021 were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Basic net income per common share
Available to common stockholders:
Net income	$	17,939,000	$	18,326,000	$	52,313,000	$	34,656,000
Weighted average common shares outstanding		20,454,669		18,083,126		20,070,687		17,819,619
Basic earnings per common share	$	0.88	$	1.01	$	2.61	$	1.94

Diluted net income per common share
Available to common stockholders:
Net income applicable to diluted earnings per share	$	17,939,000	$	18,326,000	$	52,313,000	$	34,656,000
Weighted average common shares outstanding		20,454,669		18,083,126		20,070,687		17,819,619
Dilutive potential common shares: restricted stock awarded		80,546		53,020		74,748		53,020
Diluted weighted average common shares outstanding		20,535,215		18,136,146		20,145,435		17,872,639
Diluted earnings per common share	$	0.88	$	1.01	$	2.60	$	1.94

There were no shares excluded when computing diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 because they were anti-dilutive.