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EARNINGS PER SHARE
6 Months Ended
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.