Earnings Per Share

6 Months Ended

Jun. 30, 2021

Note 15 – Earnings Per Share

The following table shows the calculation of basic and diluted EPS and the weighted average number of shares outstanding used in computing EPS and the effect on the weighted average number of shares outstanding of dilutive potential common stock. Basic EPS amounts are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted EPS amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect would be to reduce the loss or increase earnings per common share. Potential dilutive common stock instruments include exercisable stock options, including those converted and assumed in the Bay Banks Merger. For the three and six months ended June 30, 2021, stock options for 0 and 55,357 shares of the Company’s common stock, respectively, were not included in the computation of diluted earnings per share because their effects would have been anti-dilutive. Weighted average common shares outstanding, basic and dilutive, for all periods presented are presented on a post Stock Split basis.

	For the three months ended				For the six months ended
(Dollars in thousands, except per share data)	June 30, 2021		June 30, 2020		June 30, 2021			June 30, 2020
Net income	$	28,642	$	6,218	$	32,879		$	7,059
Net loss (income) attributable to noncontrolling interest		4		4		(5	)		(5	)
Net income available to common shareholders	$	28,646	$	6,222	$	32,874		$	7,054
Weighted average common shares outstanding, basic		18,624,723		8,489,051		16,890,718			8,492,816
Effect of dilutive securities		21,277		—		27,802			—
Weighted average common shares outstanding, dilutive		18,646,000		8,489,051		16,918,520			8,492,816
Basic earnings per common share	$	1.54	$	0.73	$	1.95		$	0.83
Diluted earnings per common share	$	1.54	$	0.73	$	1.94		$	0.83