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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2025
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE 8 — 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, | ​ | ​
​ |  | 2025 |  | 2024 |  | ​
Basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income available to common stockholders | ​ | $ | 16,354 | ​ | $ | 16,203 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding | ​ | ​ | 11,215,118 | ​ | ​ | 11,132,989 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per common share | ​ | $ | 1.46 | ​ | $ | 1.46 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income allocated to common stockholders | ​ | $ | 16,354 | ​ | $ | 16,203 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding for basic earnings per common share | ​ | ​ | 11,215,118 | ​ | ​ | 11,132,989 | ​ | ​
Add: Dilutive effects of assumed vesting of performance based restricted stock units | ​ | ​ | 19,697 | ​ | ​ | — | ​ | ​
Add: Dilutive effects of assumed vesting of restricted stock units | ​ | ​ | 46,560 | ​ | ​ | — | ​ | ​
Average shares and dilutive potential common shares | ​ | ​ | 11,281,375 | ​ | ​ | 11,132,989 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive earnings per common share | ​ | $ | 1.45 | ​ | $ | 1.46 | ​ | ​
​ For the three months ended March 31, 2025, all performance based restricted stock units and restrictive stock units were considered in computing diluted earnings per common share. For the three months ended March 31, 2024, 294,744 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 performance restricted stock units at March 31, 2024.

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