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Earnings Per Share

6 Months Ended

Jun. 30, 2020

Note 3. Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and dilutive common share equivalents using the treasury stock method. Dilutive common share equivalents include common shares issuable upon exercise of outstanding stock options and restricted stock. The effect from the stock options and restricted stock on incremental shares from the assumed conversions for net income per share-basic and net income per share-diluted are

presented below. There were 116 thousand and 85 thousand antidilutive shares for the three and six month periods ended June 30, 2020, respectively, and none for the three and six month periods ended June 30, 2019.

The following is a summary of the basic and diluted earnings per share computation (dollars in thousands, except per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Basic earnings per share computation:
Net income available to common stockholders	$	6,174	$	9,121	$	8,907	$	13,852
Average common shares outstanding – basic		15,152,768		13,951,643		14,773,935		13,946,856
Basic earnings per share	$	0.41	$	0.65	$	0.60	$	0.99
Diluted earnings per share computation:
Net income available to common stockholders	$	6,174	$	9,121	$	8,907	$	13,852
Average common shares outstanding – basic		15,152,768		13,951,643		14,773,935		13,946,856
Incremental shares from assumed conversions:
Stock options and restricted stock		49,567		94,857		68,551		89,934
Average common shares outstanding - diluted		15,202,335		14,046,500		14,842,486		14,036,790
Diluted earnings per common share	$	0.41	$	0.65	$	0.60	$	0.99