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EARNINGS PER SHARE | 9 Months Ended
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Sep. 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 September 30, | ​ | Nine months ended September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per consolidated statements of income | ​ | $ | 12,266 | ​ | $ | 22,063 | ​ | $ | 45,268 | ​ | $ | 62,700
Less: Earnings allocated to participating securities | ​ | ​ | — | ​ | ​ | (118) | ​ | ​ | — | ​ | ​ | (285)
Net income available to common stockholders | ​ | $ | 12,266 | ​ | $ | 21,945 | ​ | $ | 45,268 | ​ | $ | 62,415
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding including participating securities | ​ | ​ | 11,193,063 | ​ | ​ | 11,098,563 | ​ | ​ | 11,173,214 | ​ | ​ | 11,110,491
Less: Weighted average participating securities | ​ | ​ | — | ​ | ​ | (59,200) | ​ | ​ | — | ​ | ​ | (50,440)
Weighted average common shares outstanding | ​ | ​ | 11,193,063 | ​ | ​ | 11,039,363 | ​ | ​ | 11,173,214 | ​ | ​ | 11,060,051
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per common share | ​ | $ | 1.10 | ​ | $ | 1.99 | ​ | $ | 4.05 | ​ | $ | 5.64
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income allocated to common stockholders | ​ | $ | 12,266 | ​ | $ | 21,945 | ​ | $ | 45,268 | ​ | $ | 62,415
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding for basic earnings per common share | ​ | ​ | 11,193,063 | ​ | ​ | 11,039,363 | ​ | ​ | 11,173,214 | ​ | ​ | 11,060,051
Add: Dilutive effects of assumed vesting of performance based restricted stock | ​ | ​ | 18,096 | ​ | ​ | 76,599 | ​ | ​ | — | ​ | ​ | 63,297
Add: Dilutive effects of assumed vesting of restricted stock units | ​ | ​ | 101,614 | ​ | ​ | 20,911 | ​ | ​ | 35,257 | ​ | ​ | —
Average shares and dilutive potential common shares | ​ | ​ | 11,312,773 | ​ | ​ | 11,136,873 | ​ | ​ | 11,208,471 | ​ | ​ | 11,123,348
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive earnings per common share | ​ | $ | 1.08 | ​ | $ | 1.97 | ​ | $ | 4.04 | ​ | $ | 5.61
​ ​ For the nine months ended September 30, 2024, 24,420 of performance restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive. For the nine months ended September 30, 2023, 253,029 of restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive. ​ ​ ​ ​

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