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EARNINGS PER SHARE

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
		2022			2021			2022			2021

		(dollars in thousands)
Numerator:
Net income		$	15,627		$	13,715		$	43,316		$	42,677
Earnings allocated to participating securities			(17)			(25)			(51)			(81)
Numerator for earnings per share - basic and diluted		$	15,610		$	13,690		$	43,265		$	42,596

Denominator:
Weighted average common shares outstanding			28,787,662			27,340,926			28,887,757			27,377,809
Dilutive effect of outstanding restricted stock units			72,643			13,921			56,761			11,412
Weighted average common shares outstanding, including all dilutive potential shares			28,860,305			27,354,847			28,944,518			27,389,221

Earnings per share - Basic		$	0.54		$	0.50		$	1.50		$	1.56
Earnings per share - Diluted		$	0.54		$	0.50		$	1.49		$	1.56