XML 31 R20.htm IDEA: XBRL DOCUMENT v3.25.2
EARNINGS PER COMMON SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted average number of common shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three and six months ended June 30, 2025 and 2024, 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 non-vested time-based restricted stock awards are participating securities.
The computation of basic and diluted earnings per common share is shown below:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Basic earnings per common share computation:
Net income per condensed consolidated statements of income$12,881 $11,882 $23,287 $23,407 
Net earnings allocated to participating securities(120)(101)(199)(192)
Net earnings allocated to common stock$12,761 $11,781 $23,088 $23,215 
Distributed earnings allocated to common stock$3,756 $3,642 $7,487 $7,288 
Undistributed earnings allocated to common stock9,005 8,139 15,601 15,927 
Net earnings allocated to common stock$12,761 $11,781 $23,088 $23,215 
Weighted average common shares outstanding, including shares considered participating securities21,053 21,005 21,018 20,992 
Less: Average participating securities(172)(174)(144)(165)
Weighted average shares20,881 20,831 20,874 20,827 
Basic earnings per common share$0.61 $0.57 $1.11 $1.12 
Diluted earnings per common share computation:
Net earnings allocated to common stock$12,761 $11,781 $23,088 $23,215 
Weighted average common shares outstanding for basic earnings per common share20,881 20,831 20,874 20,827 
Add: Dilutive effect of stock compensation72 62 65 63 
Weighted average shares and dilutive potential common shares20,953 20,893 20,939 20,890 
Diluted earnings per common share$0.61 $0.56 $1.10 $1.11