Years ended December 31, (in thousands, except per share amounts)

2019

2018

2017

Net income applicable to common shareholders

$

11,136

$

8,824

$

6,256

Less: Undistributed earnings allocated to participating securities

(160

)

(111

)

(55

)

Net income allocated to common stock

$

10,976

$

8,713

$

6,201

Weighted average common shares issued

2,817

2,798

2,779

Less: Unvested restricted stock awards

(35

)

(35

)

(24

)

Weighted average common shares outstanding used to calculate basic earnings per common share

2,782

2,763

2,755

Add: Dilutive effect of stock options

12

17

19

Weighted average common shares outstanding used to calculate diluted earnings per common share

2,794

2,780

2,774

Earnings per common share (basic)

$

3.95

$

3.15

$

2.25

Earnings per common share (diluted)

$

3.93

$

3.13

$

2.24