Earnings per Common Share

3 Months Ended

Mar. 31, 2023

(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, 2023 and 2022.


	Three Months Ended
	March 31,
	2023		2022
Basic
Net income	$	12,888	$	8,466
Less allocation of earnings and dividends to participating securities		452		32
Net income available to common shareholders—basic	$	12,436	$	8,434
Weighted average common shares outstanding		15,732,092		14,909,192
Less average participating securities		552,882		55,905
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,179,210		14,853,287
Earnings per common share:
Basic	$	0.82	$	0.57
Diluted		0.82		0.57