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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2023
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE 7 — 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 March 31, | ​
​ |  | 2023 |  | 2022 |
Basic | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per consolidated statements of income | ​ | $ | 25,076 | ​ | $ | 19,021 | ​
Less: Earnings allocated to participating securities | ​ | ​ | (84) | ​ | ​ | (25) | ​
Net income available to common stockholders | ​ | $ | 24,992 | ​ | $ | 18,996 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding including participating securities | ​ | ​ | 11,081,924 | ​ | ​ | 10,934,091 | ​
Less: Weighted average participating securities | ​ | ​ | (37,300) | ​ | ​ | (14,223) | ​
Weighted average common shares outstanding | ​ | ​ | 11,044,624 | ​ | ​ | 10,919,868 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per common share | ​ | $ | 2.26 | ​ | $ | 1.74 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income allocated to common stockholders | ​ | $ | 24,992 | ​ | $ | 18,996 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding for basic earnings per common share | ​ | ​ | 11,044,624 | ​ | ​ | 10,919,868 | ​
Add: Dilutive effects of assumed exercise of stock options | ​ | ​ | — | ​ | ​ | 190,826 | ​
Add: Dilutive effects of assumed vesting of performance based restricted stock | ​ | ​ | 58,384 | ​ | ​ | 73,561 | ​
Add: Dilutive effects of assumed vesting of restricted stock units | ​ | ​ | — | ​ | ​ | 39,039 | ​
Average shares and dilutive potential common shares | ​ | ​ | 11,103,008 | ​ | ​ | 11,223,294 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive earnings per common share | ​ | $ | 2.25 | ​ | $ | 1.69 | ​
​ For the three months ended March 31, 2023, 262,624 of restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive. All performance restricted stock units were considered in computing diluted earnings per common share for the three months ended March 31, 2022. All stock options, performance restricted stock units, and restricted stock units were considered in computing diluted earnings per common share for the three months ended March 31, 2022.

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- Definition 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 + Details
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