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Earnings Per Share

9 Months Ended

Sep. 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 114 thousand and 85 thousand antidilutive shares for the three and nine month periods ended September 30, 2020, respectively, and none for the three and nine month periods ended September 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Basic earnings per share computation:
Net income available to common stockholders	$	6,395	$	5,963	$	15,302	$	19,815
Average common shares outstanding – basic		15,160,579		13,955,859		14,903,757		13,949,325
Basic earnings per share	$	0.42	$	0.43	$	1.03	$	1.42
Diluted earnings per share computation:
Net income available to common stockholders	$	6,395	$	5,963	$	15,302	$	19,815
Average common shares outstanding – basic		15,160,579		13,955,859		14,903,757		13,949,325
Incremental shares from assumed conversions:
Stock options and restricted stock		50,032		97,573		61,698		89,089
Average common shares outstanding - diluted		15,210,611		14,053,432		14,965,455		14,038,414
Diluted earnings per common share	$	0.42	$	0.42	$	1.02	$	1.41