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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2022
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE 8 — EARNINGS PER 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). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
Basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per consolidated statements of income | ​ | $ | 23,189 | ​ | $ | 13,336 | ​ | $ | 42,210 | ​ | $ | 25,453
Less: Earnings allocated to participating securities | ​ | ​ | (63) | ​ | ​ | (84) | ​ | ​ | (85) | ​ | ​ | (106)
Net income available to common stockholders | ​ | $ | 23,126 | ​ | $ | 13,252 | ​ | $ | 42,125 | ​ | $ | 25,347
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding including participating securities | ​ | ​ | 10,961,697 | ​ | ​ | 8,343,946 | ​ | ​ | 10,947,829 | ​ | ​ | 8,329,003
Less: Weighted average participating securities | ​ | ​ | (30,000) | ​ | ​ | (31,712) | ​ | ​ | (22,111) | ​ | ​ | (34,599)
Weighted average common shares outstanding | ​ | ​ | 10,931,697 | ​ | ​ | 8,312,234 | ​ | ​ | 10,925,718 | ​ | ​ | 8,294,404
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per common share | ​ | $ | 2.12 | ​ | $ | 1.59 | ​ | $ | 3.86 | ​ | $ | 3.06
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income allocated to common stockholders | ​ | $ | 23,126 | ​ | $ | 13,252 | ​ | $ | 42,125 | ​ | $ | 25,347
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding for basic earnings per common share | ​ | ​ | 10,931,697 | ​ | ​ | 8,312,234 | ​ | ​ | 10,925,718 | ​ | ​ | 8,294,404
Add: Dilutive effects of assumed exercise of stock options | ​ | ​ | 180,787 | ​ | ​ | 162,674 | ​ | ​ | 186,364 | ​ | ​ | 153,545
Add: Dilutive effects of assumed vesting of performance based restricted stock | ​ | ​ | 52,004 | ​ | ​ | 38,495 | ​ | ​ | 63,980 | ​ | ​ | 31,613
Add: Dilutive effects of assumed vesting of restricted stock units | ​ | ​ | 25,319 | ​ | ​ | 30,071 | ​ | ​ | 32,930 | ​ | ​ | 17,383
Average shares and dilutive potential common shares | ​ | ​ | 11,189,807 | ​ | ​ | 8,543,474 | ​ | ​ | 11,208,992 | ​ | ​ | 8,496,945
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive earnings per common share | ​ | $ | 2.07 | ​ | $ | 1.55 | ​ | $ | 3.76 | ​ | $ | 2.98
​ All stock options and performance based restricted stock units were considered in computing diluted earnings per common share for the three and six months ended June 30, 2022 and 2021. For the three and six months ended June 30, 2022 and 2021, 234,332 and 105,424 restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive. ​

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