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EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
Basic earnings per common share is computed by dividing net income, excluding net earnings allocated to participating securities, by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted average number of shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three and nine months ended September 30, 2022 and 2021, there were no outstanding stock options to include in the diluted earnings per common share calculations.

Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per common share pursuant to the two-class method. The Corporation has determined that its outstanding unvested time-based stock awards are participating securities.
The computation of basic and diluted earnings per common share is shown below:
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Basic earnings per common share computation:
Net income per condensed consolidated statements of income$15,549 $13,831 $44,082 $39,852 
Net earnings allocated to participating securities(66)(47)(198)(139)
Net earnings allocated to common stock$15,483 $13,784 $43,884 $39,713 
Distributed earnings allocated to common stock$2,936 $2,859 $8,815 $8,577 
Undistributed earnings allocated to common stock12,547 10,925 35,069 31,136 
Net earnings allocated to common stock$15,483 $13,784 $43,884 $39,713 
Weighted average common shares outstanding, including shares considered participating securities17,324 16,887 17,024 16,875 
Less: Average participating securities(70)(54)(73)(56)
Weighted average shares17,254 16,833 16,951 16,819 
Basic earnings per common share$0.90 $0.82 $2.59 $2.36 
Diluted earnings per common share computation:
Net earnings allocated to common stock$15,483 $13,784 $43,884 $39,713 
Weighted average common shares outstanding for basic earnings per common share17,254 16,833 16,951 16,819 
Add: Dilutive effects of performance based-shares33 0 33 0 
Weighted average shares and dilutive potential common shares17,287 16,833 16,984 16,819 
Diluted earnings per common share$0.90 $0.82 $2.59 $2.36