Earnings per Common Share

6 Months Ended

Jun. 30, 2023

(9) Earnings per Common Share

The Company has granted restricted stock awards with non-forfeitable rights (with respect to dividends), 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 June 30, 2023 and 2022.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Basic
Net income	$	10,034	$	7,701	$	22,922	$	16,167
Less allocation of earnings and dividends to participating securities		374		39		831		71
Net income available to common shareholders—basic	$	9,660	$	7,662	$	22,091	$	16,096
Weighted average common shares outstanding		15,775,812		14,615,154		15,754,073		14,761,363
Less average participating securities		588,715		74,286		570,897		65,146
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,187,097		14,540,868		15,183,176		14,696,217
Earnings per common share:
Basic	$	0.64	$	0.53	$	1.45	$	1.10
Diluted		0.64		0.53		1.45		1.10