| Schedule of earnings per common share |
The factors used in the earnings per share calculation are as follows (in thousands, except per share data). | | | | | | | | | Year Ended December 31, | | | 2021 | | 2020 | Basic | | | | | | | Net income per consolidated statements of income | | $ | 60,555 | | $ | 39,466 | Less: Earnings allocated to participating securities | | | (739) | | | (344) | Net income available to common stockholders | | $ | 59,816 | | $ | 39,122 | | | | | | | | Weighted average common shares outstanding including participating securities | | | 9,123,037 | | | 8,293,677 | Less: Weighted average participating securities | | | (111,337) | | | (72,248) | Weighted average common shares outstanding | | | 9,011,700 | | | 8,221,429 | | | | | | | | Basic earnings per common share | | | 6.64 | | | 4.76 | | | | | | | | Diluted | | | | | | | Net income allocated to common stockholders | | $ | 59,816 | | $ | 39,122 | | | | | | | | Weighted average common shares outstanding for basic earnings per common share | | | 9,011,700 | | | 8,221,429 | Add: Dilutive effects of assumed exercise of stock options | | | 170,792 | | | 103,463 | Add: Dilutive effects of assumed vesting of performance based restricted stock | | | 51,581 | | | 73,552 | Add: Dilutive effects of assumed vesting of restricted stock units | | | 38,749 | | | — | Average shares and dilutive potential common shares | | | 9,272,822 | | | 8,398,444 | | | | | | | | Dilutive earnings per common share | | $ | 6.45 | | $ | 4.66 |
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