Earnings per Common Share

6 Months Ended

Jun. 30, 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- and six-months ended June 30, 2022 and 2021.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Basic
Net income	$	7,701	$	9,164	$	16,167	$	19,922
Less allocation of earnings and dividends to participating securities		39		42		71		76
Net income available to common shareholders—basic	$	7,662	$	9,122	$	16,096	$	19,846
Weighted average common shares outstanding		14,615,154		15,602,329		14,761,363		15,734,226
Less average participating securities		74,286		72,563		65,146		59,995
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		14,540,868		15,529,766		14,696,217		15,674,231
Earnings per common share:
Basic	$	0.53	$	0.59	$	1.10	$	1.27
Diluted		0.53		0.59		1.10		1.27