Three months ended March 31, (in thousands, except per share data)

2021

2020

Net income

$

4,526

$

2,047

Less: Undistributed earnings allocated to participating securities

(64

)

(34

)

Net income allocated to common stock

$

4,462

$

2,013

Weighted-average common shares issued

2,845

2,828

Less: Unvested restricted stock awards

(40

)

(40

)

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

2,805

2,788

Add: Dilutive effect of stock options and restricted stock units

10

9

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

2,815

2,797

Earnings per common share (basic)

$

1.59

$

0.72

Earnings per common share (diluted)

$

1.59

$

0.72