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Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per 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. 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 no antidilutive shares for the three and nine months ended September 30, 2022, and September 30, 2021, respectively.

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


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2022			2021			2022			2021
Basic earnings per share computation:
Net income available to common shareholders		$	11,543		$	9,600		$	30,018		$	28,134
Average common shares outstanding – basic			16,749,255			15,557,528			16,734,298			15,192,919
Basic earnings per share		$	0.69		$	0.62		$	1.79		$	1.85
Diluted earnings per share computation:
Net income available to common shareholders		$	11,543		$	9,600		$	30,018		$	28,134
Average common shares outstanding – basic			16,749,255			15,557,528			16,734,298			15,192,919
Incremental shares from assumed conversions:
Stock options and restricted stock			122,767			133,598			133,672			119,836
Average common shares outstanding - diluted			16,872,022			15,691,126			16,867,970			15,312,755
Diluted earnings per common share		$	0.68		$	0.61		$	1.78		$	1.84