Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Weighted Average Number of Shares

The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings per share computations for the three and nine months ended September 30, 2023 and 2022.


(dollars in thousands, except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic earnings per share
Net income	$	3,409	$	8,436	$	4,274	$	29,190
Weighted-average common shares	8,744,385		9,458,259		8,889,532		9,615,039
Basic earnings per common share	$	0.39	$	0.89	$	0.48	$	3.04
Diluted earnings per share
Net income	$	3,409	$	8,436	$	4,274	$	29,190
Weighted-average common shares	8,744,385		9,458,259		8,889,532		9,615,039

Dilutive effect of equity compensation	22,832		67,596		18,216		66,703
Weighted-average common and incremental shares	8,767,217		9,525,855		8,907,748		9,681,742
Diluted earnings per common share 1	$	0.39	$	0.89	$	0.48	$	3.01

1 Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 12,713 and 28,363 for the three and nine months ended September 30, 2023, respectively. Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 426 and 1,616 for the three and nine months ended September 30, 2022, respectively.