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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 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 September 30, | ​ | Nine months ended September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per consolidated statements of income | ​ | $ | 22,063 | ​ | $ | 24,955 | ​ | $ | 62,700 | ​ | $ | 67,165
Less: Earnings allocated to participating securities | ​ | ​ | (118) | ​ | ​ | (68) | ​ | ​ | (285) | ​ | ​ | (152)
Net income available to common stockholders | ​ | $ | 21,945 | ​ | $ | 24,887 | ​ | $ | 62,415 | ​ | $ | 67,013
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding including participating securities | ​ | ​ | 11,098,563 | ​ | ​ | 10,961,697 | ​ | ​ | 11,110,491 | ​ | ​ | 10,952,452
Less: Weighted average participating securities | ​ | ​ | (59,200) | ​ | ​ | (30,000) | ​ | ​ | (50,440) | ​ | ​ | (24,741)
Weighted average common shares outstanding | ​ | ​ | 11,039,363 | ​ | ​ | 10,931,697 | ​ | ​ | 11,060,051 | ​ | ​ | 10,927,711
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per common share | ​ | $ | 1.99 | ​ | $ | 2.28 | ​ | $ | 5.64 | ​ | $ | 6.13
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income allocated to common stockholders | ​ | $ | 21,945 | ​ | $ | 24,887 | ​ | $ | 62,415 | ​ | $ | 67,013
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding for basic earnings per common share | ​ | ​ | 11,039,363 | ​ | ​ | 10,931,697 | ​ | ​ | 11,060,051 | ​ | ​ | 10,927,711
Add: Dilutive effects of assumed exercise of stock options | ​ | ​ | — | ​ | ​ | 172,371 | ​ | ​ | — | ​ | ​ | 182,417
Add: Dilutive effects of assumed vesting of performance based restricted stock | ​ | ​ | 76,599 | ​ | ​ | 45,636 | ​ | ​ | 63,297 | ​ | ​ | 53,237
Add: Dilutive effects of assumed vesting of restricted stock units | ​ | ​ | 20,911 | ​ | ​ | 27,448 | ​ | ​ | — | ​ | ​ | 41,370
Average shares and dilutive potential common shares | ​ | ​ | 11,136,873 | ​ | ​ | 11,177,152 | ​ | ​ | 11,123,348 | ​ | ​ | 11,204,735
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive earnings per common share | ​ | $ | 1.97 | ​ | $ | 2.23 | ​ | $ | 5.61 | ​ | $ | 5.98
​ All restricted stock units were considered in computing diluted earnings per common share for the three months ended September 30, 2023. For the nine months ended September 30, 2023, 253,029 of restricted stock units, respectively, 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 and nine months ended September 30, 2023. There were no outstanding stock options at September 30, 2023. All stock options, performance restricted stock units, and restricted stock units were considered in computing diluted earnings per common share for the three and nine months ended September 30, 2022. ​ ​

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