Earnings per Common Share

9 Months Ended

Sep. 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 common 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 September 30, 2023 and 2022.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Basic
Net income	$	10,387	$	11,112	$	33,309	$	27,279
Less allocation of earnings and dividends to participating securities		388		52		1,220		123
Net income available to common shareholders—basic	$	9,999	$	11,060	$	32,089	$	27,156
Weighted average common shares outstanding		15,735,007		15,394,898		15,747,648		14,974,862
Less average participating securities		588,715		71,604		576,902		67,323
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,146,292		15,323,294		15,170,746		14,907,539
Earnings per common share:
Basic	$	0.66	$	0.72	$	2.12	$	1.82
Diluted		0.66		0.72		2.12		1.82