Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Note 2 — Earnings per Common Share

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 Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
	(Dollars in Thousands, Except Share Data)
Basic earnings per common share
Net income	$	10,456	$	8,337	$	19,304	$	17,316
Less: preferred stock dividends		219		219		438		438
Less: earnings allocated to participating securities		234		216		422		440
Basic earnings allocated to common shareholders	$	10,003	$	7,902	$	18,444	$	16,438
Weighted-average common shares outstanding, excluding participating securities		8,113,246		8,061,841		8,154,445		8,140,831
Basic earnings per common share	$	1.23	$	0.98	$	2.26	$	2.02
Diluted earnings per common share
Earnings allocated to common shareholders, diluted	$	10,003	$	7,902	$	18,444	$	16,438
Weighted-average diluted common shares outstanding, excluding participating securities		8,113,246		8,061,841		8,154,445		8,140,831
Diluted earnings per common share	$	1.23	$	0.98	$	2.26	$	2.02