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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2021
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE 7 – EARNINGS PER SHARE The computation of basic and diluted earnings per share is shown below (dollars in thousands, except share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30, | ​
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
Basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per consolidated statements of income | ​ | $ | 16,215 | ​ | $ | 10,783 | ​ | $ | 41,668 | ​ | $ | 27,690 | ​
Less: Earnings allocated to participating securities | ​ | ​ | (508) | ​ | ​ | (89) | ​ | ​ | (568) | ​ | ​ | (255) | ​
Net income available to common stockholders | ​ | $ | 15,707 | ​ | $ | 10,694 | ​ | $ | 41,100 | ​ | $ | 27,435 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding including participating securities | ​ | ​ | 8,897,910 | ​ | ​ | 8,291,068 | ​ | ​ | 8,518,639 | ​ | ​ | 8,296,701 | ​
Less: Weighted average participating securities | ​ | ​ | (278,937) | ​ | ​ | (68,198) | ​ | ​ | (116,045) | ​ | ​ | (76,499) | ​
Weighted average common shares outstanding | ​ | ​ | 8,618,973 | ​ | ​ | 8,222,870 | ​ | ​ | 8,402,594 | ​ | ​ | 8,220,202 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per common share | ​ | $ | 1.82 | ​ | $ | 1.30 | ​ | $ | 4.89 | ​ | $ | 3.34 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income allocated to common stockholders | ​ | $ | 15,707 | ​ | $ | 10,694 | ​ | $ | 41,100 | ​ | $ | 27,435 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding for basic earnings per common share | ​ | ​ | 8,618,973 | ​ | ​ | 8,222,870 | ​ | ​ | 8,402,594 | ​ | ​ | 8,220,202 | ​
Add: Dilutive effects of assumed exercise of stock options | ​ | ​ | 173,909 | ​ | ​ | 92,269 | ​ | ​ | 161,932 | ​ | ​ | 103,737 | ​
Add: Dilutive effects of assumed vesting of performance based restricted stock units | ​ | ​ | 53,571 | ​ | ​ | 78,072 | ​ | ​ | 41,932 | ​ | ​ | 68,116 | ​
Add: Dilutive effects of assumed vesting of restricted stock units | ​ | ​ | 46,651 | ​ | ​ | — | ​ | ​ | 29,939 | ​ | ​ | — | ​
Average shares and dilutive potential common shares | ​ | ​ | 8,893,104 | ​ | ​ | 8,393,211 | ​ | ​ | 8,636,397 | ​ | ​ | 8,392,055 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive earnings per common share | ​ | $ | 1.77 | ​ | $ | 1.27 | ​ | $ | 4.76 | ​ | $ | 3.27 | ​
​ All stock options and performance based restricted stock units were considered in computing diluted earnings per common share for the three and nine months ended September 30, 2021 and 2020. 188,906 restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive for the three and nine months ended September 30, 2021. The Company began treating the Class B preferred stock as a participating security during the third quarter of 2021 and the impact was immaterial.

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