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PER SHARE DATA

6 Months Ended

Jun. 30, 2023

PER SHARE DATA

2. 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						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
		2023			2022			2023			2022
Basic
Net income		$	6,043		$	7,489		$	12,296		$	14,384
Less: Dividends and undistributed earnings allocated to participating securities			(47)			(70)			(99)			(130)
Net income attributable to common shares		$	5,996		$	7,419		$	12,197		$	14,254
Basic weighted-average common shares outstanding			15,231,505			15,441,564			15,320,101			15,542,959
Basic earnings per common share (a)		$	0.39		$	0.48		$	0.80		$	0.92
Diluted
Net income attributable to common shares		$	5,996		$	7,419		$	12,197		$	14,254
Basic weighted-average common shares outstanding			15,231,505			15,441,564			15,320,101			15,542,959
Dilutive effect of potential common stock arising from stock options			0			3,009			265			3,360
Diluted weighted-average common shares outstanding			15,231,505			15,444,573			15,320,366			15,546,319
Diluted earnings per common share (a)		$	0.39		$	0.48		$	0.80		$	0.92
Weighted-average nonvested restricted shares outstanding			120,300			145,132			124,343			141,656

(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. The weighted-average number of anti-dilutive instruments outstanding was 8,988 in the three-month period ended June 30, 2023 and 0 in the six-month period ended June 30, 2023. There were no anti-dilutive instruments outstanding in the three-month and six-month periods ended June 30, 2022.