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

6 Months Ended

Jun. 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 six month periods ended June 30, 2023 and 2022 are as follows (dollars in thousands, except per share data):

	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Net income available to common shares	$	10,312	$	6,568	$	22,316	$	12,568
Weighted average shares outstanding, including participating stock awards - Basic		34,292,179		34,253,846		34,294,570		34,254,306
Dilutive potential common shares:
Stock options		—		—		—		—
Weighted average shares outstanding - Diluted		34,292,179		34,253,846		34,294,570		34,254,306
Basic earnings per common share	$	0.30	$	0.19	$	0.65	$	0.37
Diluted earnings per common share	$	0.30	$	0.19	$	0.65	$	0.37

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