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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 17 – 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:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022			2021			2020
​	​	(dollars in thousands)
Numerator:	​	​	​	​	​	​	​	​	​
Net income	​	$	56,456	​	$	56,271	​	$	36,845
Earnings allocated to participating securities	​	​	(66)	​	​	(104)	​	​	(93)
Numerator for earnings per share - basic and diluted	​	$	56,390	​	$	56,167	​	$	36,752
​	​	​	​	​	​	​	​	​	​
Denominator:	​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding	​	​	28,853,697	​	​	27,795,806	​	​	27,457,306
Dilutive effect of outstanding restricted stock units	​	​	65,619	​	​	15,487	​	​	—
Weighted average common shares outstanding, including all dilutive potential shares	​	​	28,919,316	​	​	27,811,293	​	​	27,457,306
​	​	​	​	​	​	​	​	​	​
Earnings per share - Basic	​	$	1.95	​	$	2.02	​	$	1.34
Earnings per share - Diluted	​	$	1.95	​	$	2.02	​	$	1.34

​

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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

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