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

2022

2021

Net income

$

3,568

$

4,526

Less: Undistributed earnings allocated to participating securities

(60

)

(64

)

Net income allocated to common stock

$

3,508

$

4,462

Weighted-average common shares issued

2,867

2,845

Less: Unvested restricted stock awards

(49

)

(40

)

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

2,818

2,805

Add: Dilutive effect of stock options and restricted stock units

29

10

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

2,847

2,815

Earnings per common share (basic)

$

1.24

$

1.59

Earnings per common share (diluted)

$

1.23

$

1.59