Earnings per Common Share

12 Months Ended

Dec. 31, 2023

Earnings per common share are computed using the two-class method. Basic earnings per common share are computed by dividing net income allocated to common shares by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include unvested restricted shares. Unvested restricted shares are considered participating securities because holders of these securities receive non-forfeitable dividends, or dividend equivalents, at the same rate as holders of the Corporation’s common stock. Diluted earnings per share are computed by dividing net income allocated to common shares adjusted for reallocation of undistributed earnings of unvested restricted shares by the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method.


		For the Year Ended December 31,
		2023		2022		2021
	(Dollars in Thousands, Except Share Data)
Basic earnings per common share
Net income		$	37,027	$	40,858	$	35,755
Less: preferred stock dividends		875		683		—
Less: earnings allocated to participating securities		938		1,106		1,053
Basic earnings allocated to common shareholders		$	35,214	$	39,069	$	34,702

Weighted-average common shares outstanding, excluding participating securities		8,131,251		8,226,943		8,314,921

Basic earnings per common share		$	4.33	$	4.75	$	4.17

Diluted earnings per common share
Earnings allocated to common shareholders, diluted		$	35,214	$	39,069	$	34,702





Weighted-average diluted common shares outstanding, excluding participating securities		8,131,251		8,226,943		8,314,921

Diluted earnings per common share		$	4.33	$	4.75	$	4.17