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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

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,					​
​		2024			2023
Basic	​	​	​	​	​	​	​
Net income per consolidated statements of income	​	$	16,203	​	$	25,076	​
Less: Earnings allocated to participating securities	​	​	—	​	​	(84)	​
Net income available to common stockholders	​	$	16,203	​	$	24,992	​
​	​	​	​	​	​	​	​
Weighted average common shares outstanding including participating securities	​	​	11,132,989	​	​	11,081,924	​
Less: Weighted average participating securities	​	​	—	​	​	(37,300)	​
Weighted average common shares outstanding	​	​	11,132,989	​	​	11,044,624	​
​	​	​	​	​	​	​	​
Basic earnings per common share	​	$	1.46	​	$	2.26	​
​	​	​	​	​	​	​	​
Diluted	​	​	​	​	​	​	​
Net income allocated to common stockholders	​	$	16,203	​	$	24,992	​
​	​	​	​	​	​	​	​
Weighted average common shares outstanding for basic earnings per common share	​	​	11,132,989	​	​	11,044,624	​
Add: Dilutive effects of assumed exercise of stock options	​	​	—	​	​	—	​
Add: Dilutive effects of assumed vesting of performance based restricted stock	​	​	—	​	​	58,384	​
Add: Dilutive effects of assumed vesting of restricted stock units	​	​	—	​	​	—	​
Average shares and dilutive potential common shares	​	​	11,132,989	​	​	11,103,008	​
​	​	​	​	​	​	​	​
Dilutive earnings per common share	​	$	1.46	​	$	2.25	​

​

For the three months ended March 31, 2024, 294,744 of restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive. There were no outstanding stock options and performance restricted stock units at March 31, 2024.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3

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