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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 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 June 30, | ​ | Six months ended June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per consolidated statements of income | ​ | $ | 16,799 | ​ | $ | 15,561 | ​ | $ | 33,002 | ​ | $ | 40,637
Less: Earnings allocated to participating securities | ​ | ​ | — | ​ | ​ | (82) | ​ | ​ | — | ​ | ​ | (170)
Net income available to common stockholders | ​ | $ | 16,799 | ​ | $ | 15,479 | ​ | $ | 33,002 | ​ | $ | 40,467
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding including participating securities | ​ | ​ | 11,192,936 | ​ | ​ | 11,195,461 | ​ | ​ | 11,163,127 | ​ | ​ | 11,137,381
Less: Weighted average participating securities | ​ | ​ | — | ​ | ​ | (59,200) | ​ | ​ | — | ​ | ​ | (46,686)
Weighted average common shares outstanding | ​ | ​ | 11,192,936 | ​ | ​ | 11,136,261 | ​ | ​ | 11,163,127 | ​ | ​ | 11,090,695
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per common share | ​ | $ | 1.50 | ​ | $ | 1.39 | ​ | $ | 2.96 | ​ | $ | 3.65
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income allocated to common stockholders | ​ | $ | 16,799 | ​ | $ | 15,479 | ​ | $ | 33,002 | ​ | $ | 40,467
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding for basic earnings per common share | ​ | ​ | 11,192,936 | ​ | ​ | 11,136,261 | ​ | ​ | 11,163,127 | ​ | ​ | 11,090,695
Add: Dilutive effects of assumed exercise of stock options | ​ | ​ | — | ​ | ​ | 88,591 | ​ | ​ | — | ​ | ​ | 123,773
Add: Dilutive effects of assumed vesting of performance based restricted stock | ​ | ​ | — | ​ | ​ | 53,553 | ​ | ​ | — | ​ | ​ | 56,682
Add: Dilutive effects of assumed vesting of restricted stock units | ​ | ​ | 6,800 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Average shares and dilutive potential common shares | ​ | ​ | 11,199,736 | ​ | ​ | 11,278,405 | ​ | ​ | 11,163,127 | ​ | ​ | 11,271,150
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive earnings per common share | ​ | $ | 1.50 | ​ | $ | 1.37 | ​ | $ | 2.96 | ​ | $ | 3.59
​ For the three and six months ended June 30, 2024, 24,420 and 12,210 of performance restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive, respectively. For the six months ended June 30, 2024, 293,052 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 June 30, 2024.

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