XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.23.1

EARNINGS PER COMMON SHARE | 3 Months Ended
--- | ---
Mar. 31, 2023
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 months ended March 31, 2023 and 2022, 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 March 31, |  |
| 2023 |  | 2022 |  |  |  |
Basic earnings per common share computation: |  |  |  |  |  |  |
Net income per condensed consolidated statements of income | $ | 15,414 |  |  | $ | 14,170 |  |  |  |  |
Net earnings allocated to participating securities | (78) |  |  | (63) |  |  |  |  |
Net earnings allocated to common stock | $ | 15,336 |  |  | $ | 14,107 |  |  |  |  |
Distributed earnings allocated to common stock | $ | 3,673 |  |  | $ | 2,944 |  |  |  |  |
Undistributed earnings allocated to common stock | 11,663 |  |  | 11,163 |  |  |  |  |
Net earnings allocated to common stock | $ | 15,336 |  |  | $ | 14,107 |  |  |  |  |
Weighted average common shares outstanding, including shares considered participating securities | 21,143 |  |  | 16,883 |  |  |  |  |
Less: Average participating securities | (100) |  |  | (72) |  |  |  |  |
Weighted average shares | 21,043 |  |  | 16,811 |  |  |  |  |
Basic earnings per common share | $ | 0.73 |  |  | $ | 0.84 |  |  |  |  |
Diluted earnings per common share computation: |  |  |  |  |  |  |
Net earnings allocated to common stock | $ | 15,336 |  |  | $ | 14,107 |  |  |  |  |
Weighted average common shares outstanding for basic earnings per common share | 21,043 |  |  | 16,811 |  |  |  |  |
Add: Dilutive effect of stock compensation | 35 |  |  | 33 |  |  |  |  |
Weighted average shares and dilutive potential common shares | 21,078 |  |  | 16,844 |  |  |  |  |
Diluted earnings per common share | $ | 0.73 |  |  | $ | 0.84 |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration