Earnings per Common Share

3 Months Ended

Mar. 31, 2022

(9) Earnings per Common Share

The Company has granted restricted stock awards with non-forfeitable rights, which are considered participating securities. Accordingly, earnings per share is computed using the two-class method as required by ASC 260-10-45. Basic earnings per common share are computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the Company’s equity incentive plan, computed using the treasury stock method. The Company had no dilutive securities for the three-months ended March 31, 2022 and 2021.

	Three Months Ended
	March 31,
	2022		2021
Basic
Net income	$	8,466	$	10,758
Less allocation of earnings and dividends to participating securities		32		32
Net income available to common shareholders—basic	$	8,434	$	10,726
Weighted average common shares outstanding		14,909,192		15,867,588
Less average participating securities		55,905		47,286
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		14,853,287		15,820,302
Earnings per common share:
Basic	$	0.57	$	0.68
Diluted		0.57		0.68

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.