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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 10 – EARNINGS PER SHARE

The Company has granted certain restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Diluted earnings per share is computed using the treasury stock method and reflects the potential dilution from the Company’s outstanding restricted stock units and performance restricted stock units.

The following table sets forth the computation of basic and diluted earnings per share:


		Three Months Ended June 30,						Six Months Ended June 30,
		2022			2021			2022			2021

		(dollars in thousands)
Numerator:
Net income		$	14,085		$	13,717		$	27,689		$	28,962
Earnings allocated to participating securities			(17)			(25)			(34)			(56)
Numerator for earnings per share - basic and diluted		$	14,068		$	13,692		$	27,655		$	28,906

Denominator:
Weighted average common shares outstanding			28,891,202			27,362,579			28,938,634			27,396,557
Dilutive effect of outstanding restricted stock units			53,674			17,701			48,688			10,137
Weighted average common shares outstanding, including all dilutive potential shares			28,944,876			27,380,280			28,987,322			27,406,694

Earnings per share - Basic		$	0.49		$	0.50		$	0.96		$	1.06
Earnings per share - Diluted		$	0.49		$	0.50		$	0.95		$	1.05