Earnings Per Share

12 Months Ended

Dec. 31, 2022

The following table presents the computation of basic and diluted EPS:


(In thousands, except per share data)
	2022		2021		2020
Net income	$	54,806	$	29,319	$	26,209

Weighted average shares outstanding (basic)	15,912,877		10,806,009		8,439,427
Effect of dilutive unvested restricted stock grants	21,758		13,570		3,665
Weighted average shares outstanding (diluted)	15,934,635		10,819,579		8,443,092

Basic earnings per common share	$	3.44	$	2.71	$	3.11
Diluted earnings per common share	3.44		2.71		3.10

There were no antidilutive shares at December 31, 2022, 2021, and 2020.

As previously announced on a Form 8-K on May 4, 2021, Mid Penn completed an underwritten public offering of 2,990,000 shares of common stock at a price of $25.00 per share, with the aggregate gross proceeds of the offering totaling $74.8 million before underwriting discounts and offering expenses. The net proceeds of the offering after deducting the underwriting discount and other offering expenses were $70.2 million. Additionally, as previously announced on a Form 8-K on December 1, 2021, Mid Penn issued 4,519,776 shares of common stock as a result of the merger with Riverview on November 30, 2021. The additional shares issued on May 4, 2021 and November 30, 2021 significantly impacted the weighted average number of shares outstanding used for the year ended December 31, 2022 earnings per share calculations.