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

2021

2020

2019

Net income applicable to common shareholders

$

16,473

$

11,940

$

11,136

Less: Undistributed earnings allocated to participating securities

(248

)

(165

)

(160

)

Net income allocated to common shareholders

$

16,225

$

11,775

$

10,976

Weighted average common shares issued

2,855

2,837

2,817

Less: Unvested restricted stock awards

(43

)

(39

)

(35

)

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

2,812

2,798

2,782

Add: Dilutive effect of performance based restricted stock awards and stock options

24

8

12

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

2,836

2,806

2,794

Earnings per common share (basic)

$

5.77

$

4.21

$

3.95

Earnings per common share (diluted)

$

5.72

$

4.20

$

3.93