Earnings per Common Share

12 Months Ended

Dec. 31, 2021

NOTE 21 - EARNINGS PER COMMON SHARE

The factors used in the earnings per share computation follow.


	2021		2020		2019
Basic
Net income	$	40,546	$	32,192	$	33,878
Preferred stock dividends		—		—		647
Less allocation of earnings and dividends to participating securities		173		98		87

Net income available to common shareholders—basic	$	40,373	$	32,094	$	33,144

Weighted average common shares outstanding		15,408,863		16,129,875		15,652,881
Less average participating securities		65,648		49,012		40,013

Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,343,215		16,080,863		15,612,868

Basic earnings per share	$	2.63	$	2.00	$	2.12

Diluted
Net income available to common shareholders—basic	$	40,373	$	32,094	$	33,144
Preferred stock dividends on convertible preferred stock		—		—		647

Net income available to common shareholders—diluted	$	40,373	$	32,094	$	33,791

Weighted average common shares outstanding used in the calculation of earnings per common share basic		15,343,215		16,080,863		15,612,868
Add: dilutive effects of convertible preferred shares		—		—		1,198,859

Average shares and dilutive potential common shares outstanding—diluted		15,343,215		16,080,863		16,851,740

Diluted earnings per share	$	2.63	$	2.00	$	2.01

The presentation for earnings per common share for prior periods was revised to present under the two-class method. Earnings per common share for prior periods was not impacted.

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.