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Common Stock and Earnings per Share | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Common Stock and Earnings per Share | Common Stock and Earnings per Share The table below shows activity in the outstanding shares of the Company’s common stock during 2022.
| 2022
Shares outstanding at January 1 | 13,734,295 |
Issuance of common stock: |
Employee restricted stock grants | 18,160 |
Employee restricted stock units vested | 2,002 |
Performance-based stock vested | 11,029 |
Employee SARs exercised | 12,668 |
Directors’ stock grants | 22,699 |
Shares repurchased | (130,374) |
Shares forfeited | (823) |
Shares outstanding at December 31 | 13,669,656 |
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. The calculations of basic and diluted earnings per share are as follows:
| December 31,
(In thousands except share and per share data) | 2022 |  | 2021 |  | 2020
Basic: |  |  |  |  |
Net income | $ | 34,904 |  |  | $ | 28,604 |  |  | $ | 25,176 |
Weighted average common shares outstanding | 13,552,503 |  |  | 14,091,773 |  |  | 14,364,406 |
Basic earnings per share | $ | 2.58 |  |  | $ | 2.03 |  |  | $ | 1.75 |
Diluted: |  |  |  |  |
Net income | $ | 34,904 |  |  | $ | 28,604 |  |  | $ | 25,176 |
Weighted average common shares outstanding | 13,552,503 |  |  | 14,091,773 |  |  | 14,364,406 |
Effect of dilutive restricted stock, performance based restricted stock (“PBRS”), and SARs | 255,526 |  |  | 238,103 |  |  | 202,541 |
Weighted average common shares outstanding assuming dilution | 13,808,029 |  |  | 14,329,876 |  |  | 14,566,947 |
Diluted earnings per share | $ | 2.53 |  |  | $ | 2.00 |  |  | $ | 1.73 |

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