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PER SHARE DATA

9 Months Ended

Sep. 30, 2021

3. PER SHARE DATA

Basic earnings per common share are calculated using the two-class method to determine income attributable to common shareholders. Unvested restricted stock awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Distributed dividends and an allocation of undistributed net income to participating securities reduce the amount of income attributable to common shareholders. Income attributable to common shareholders is then divided by weighted-average common shares outstanding for the period to determine basic earnings per common share.

Diluted earnings per common share are calculated under the more dilutive of either the treasury method or the two-class method. Diluted earnings per common share is computed using weighted-average common shares outstanding, plus weighted-average common shares available from the exercise of all dilutive stock options, less the number of shares that could be repurchased with the proceeds of stock option exercises based on the average share price of the Corporation’s common stock during the period.


(In Thousands, Except Share and Per Share Data)	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2021		2020		2021		2020
Basic
Net income	$	7,399	$	2,848	$	23,246	$	12,452
Less: Dividends and undistributed earnings allocated to participating securities		(63)		(18)		(189)		(74)
Net income attributable to common shares	$	7,336	$	2,830	$	23,057	$	12,378
Basic weighted-average common shares outstanding		15,703,932		15,778,391		15,806,897		14,388,797
Basic earnings per common share (a)	$	0.47	$	0.18	$	1.46	$	0.86
Diluted
Net income attributable to common shares	$	7,336	$	2,830	$	23,057	$	12,378
Basic weighted-average common shares outstanding		15,703,932		15,778,391		15,806,897		14,388,797
Dilutive effect of potential common stock arising from stock options		6,413		1,330		6,232		4,632
Diluted weighted-average common shares outstanding		15,710,345		15,779,721		15,813,129		14,393,429
Diluted earnings per common share (a)	$	0.47	$	0.18	$	1.46	$	0.86
Weighted-average nonvested restricted shares outstanding		133,053		102,629		129,456		85,611

(a)	Basic and diluted earnings per share under the two-class method are determined on net income reported on the consolidated statements of income, less earnings allocated to non-vested restricted shares with nonforfeitable dividends (participating securities).

Anti-dilutive stock options are excluded from earnings per share calculations. There were no anti-dilutive instruments in the three-month and nine month periods ended September 30, 2021. Weighted-average common shares available from anti-dilutive instruments totaled 39,012 shares in the three-month period ended September 30, 2020 and 19,506 shares in the nine-month period ended September 30, 2020.