Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

(19.) EARNINGS PER COMMON SHARE

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for each of the years ended December 31 (in thousands, except per share amounts). All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities.


	2023			2022			2021
Net income available to common shareholders	$	48,805		$	55,114		$	76,237
Weighted average common shares outstanding:
Total shares issued		16,100			16,100			16,100
Unvested restricted stock awards		(8	)		(5	)		(5	)
Treasury shares		(716	)		(711	)		(254	)
Total basic weighted average common shares outstanding		15,376			15,384			15,841
Incremental shares from assumed:
Exercise of stock options		-			-			-
Vesting of restricted stock awards		99			87			96
Total diluted weighted average common shares outstanding		15,475			15,471			15,937

Basic earnings per common share	$	3.17		$	3.58		$	4.81
Diluted earnings per common share	$	3.15		$	3.56		$	4.78

For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive:


	2023		2022		2021
Restricted stock awards		155		1		3

There were no participating securities outstanding for the years ended December 2023, 2022 and 2021. Therefore, the two-class method of calculating basic and diluted EPS was not applicable for the years presented.