Earnings per Common Share

12 Months Ended

Dec. 31, 2020

NOTE 22 - EARNINGS PER COMMON SHARE

The factors used in the earnings per share computation follow.

	2020		2019		2018
Basic
Net income	$	32,192	$	33,878	$	14,139
Preferred stock dividends		—		647		959
Net income available to common shareholders—basic	$	32,192	$	33,231	$	13,180
Weighted average common shares outstanding—basic		16,129,875		15,652,881		11,971,786
Basic earnings per share	$	2.00	$	2.12	$	1.10
Diluted
Net income available to common shareholders—basic	$	32,192	$	33,231	$	13,180
Preferred stock dividends on convertible preferred stock		—		647		959
Net income available to common shareholders—diluted	$	32,192	$	33,878	$	14,139
Weighted average common shares outstanding for earnings per common share basic		16,129,875		15,652,881		11,971,786
Add: dilutive effects of convertible preferred shares		—		1,198,859		1,883,921
Average shares and dilutive potential common shares outstanding—diluted		16,129,875		16,851,740		13,855,707
Diluted earnings per share	$	2.00	$	2.01	$	1.02

Basic earnings per common share are calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the equity incentive plan, computed using the treasury stock method, and the impact of the Company’s convertible preferred shares using the “if converted” method.