Macatawa Bank Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Earnings Per Common Share

Note 8 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

NOTE 8 - EARNINGS PER COMMON SHARE

A reconciliation of the numerators and denominators of basic and diluted earnings per common share for the three and nine month periods ended September 30, 2023 and 2022 are as follows (dollars in thousands, except per share data):

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2023		2022		2023		2022
Net income available to common shares	$	11,413	$	10,045	$	33,729	$	22,614
Weighted average shares outstanding, including participating stock awards - Basic		34,291,487		34,251,792		34,293,531		34,253,459
Dilutive potential common shares:
Stock options		—		—		—		—
Weighted average shares outstanding - Diluted		34,291,487		34,251,792		34,293,531		34,253,459
Basic earnings per common share	$	0.33	$	0.29	$	0.98	$	0.66
Diluted earnings per common share	$	0.33	$	0.29	$	0.98	$	0.66

There were no antidilutive shares of common stock in the three and nine month periods ended September 30, 2023 and 2022.