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EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2020

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 18 — EARNINGS PER COMMON SHARE

The Company uses the two-class method in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share calculation are as follows (in thousands, except per share data).

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2020			2019
Basic	​	​	​	​	​	​
Net income per consolidated statements of income	​	$	39,466	​	$	30,134
Less: Earnings allocated to participating securities	​	​	(344)	​	​	(448)
Net income available to common stockholders	​	$	39,122	​	$	29,686
​	​	​	​	​	​	​
Weighted average common shares outstanding including participating securities	​	​	8,293,677	​	​	8,297,478
Less: Weighted average participating securities	​	​	(72,248)	​	​	(123,336)
Weighted average common shares outstanding	​	​	8,221,429	​	​	8,174,142
​	​	​	​	​	​	​
Basic earnings per common share	​	​	4.76	​	​	3.63
​	​	​	​	​	​	​
Diluted	​	​	​	​	​	​
Net income allocated to common stockholders	​	$	39,122	​	$	29,686
​	​	​	​	​	​	​
Weighted average common shares outstanding for basic earnings per common share	​	​	8,221,429	​	​	8,174,142
Add: Dilutive effects of assumed exercise of stock options	​	​	103,463	​	​	125,085
Add: Dilutive effects of assumed vesting of performance based restricted stock	​	​	73,552	​	​	39,914
Add: Dilutive effects of assumed vesting of restricted stock units	​	​	-	​	​	​
Average shares and dilutive potential common shares	​	​	8,398,444	​	​	8,339,141
​	​	​	​	​	​	​
Dilutive earnings per common share	​	$	4.66	​	$	3.56

​

At December 31, 2020, there were 33,615 restricted stock units that were anti-dilutive and, thus, not considered in computing diluted earnings per share. The Company did not have any restricted stock units in 2019. There were no stock options that were anti-dilutive and, thus, not considered in computing diluted earnings per common share for 2020 and 2019.

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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 http://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 http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://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 http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257

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