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Earnings Per Share

12 Months Ended

Dec. 31, 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 73 thousand antidilutive shares for the year ended December 31, 2020. There were no antidilutive shares for the year ended December 31, 2019.

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


	2020		2019
Basic earnings per share computation:
Net income available to common stockholders	$	24,332	$	26,548
Average common shares outstanding – basic		14,955,423		13,953,497
Basic earnings per share	$	1.63	$	1.90
Diluted earnings per share computation:
Net income available to common stockholders	$	24,332	$	26,548
Average common shares outstanding – basic		14,955,423		13,953,497
Incremental shares from assumed conversions:
Stock options and restricted stock		63,752		92,869
Average common shares outstanding - diluted		15,019,175		14,046,366
Diluted earnings per common share	$	1.62	$	1.89