Earnings per Common Share

9 Months Ended

Sep. 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 nine-months ended September 30, 2022 and 2021.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Basic
Net income	$	11,112	$	9,642	$	27,279	$	29,564
Less allocation of earnings and dividends to participating securities		52		46		123		122
Net income available to common shareholders—basic	$	11,060	$	9,596	$	27,156	$	29,442
Weighted average common shares outstanding		15,394,898		15,168,233		14,974,862		15,543,488
Less average participating securities		71,604		72,071		67,323		64,064
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,323,294		15,096,162		14,907,539		15,479,424
Earnings per common share:
Basic	$	0.72	$	0.64	$	1.82	$	1.90
Diluted		0.72		0.64		1.82		1.90