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

2022

2021

2020

Net income

$

15,874

$

16,473

$

11,940

Less: Undistributed earnings allocated to participating securities

(276

)

(248

)

(165

)

Net income allocated to common shareholders

$

15,598

$

16,225

$

11,775

Weighted average common shares issued

5,770

5,710

5,674

Less: Unvested restricted stock awards

(100

)

(86

)

(78

)

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

5,670

5,624

5,596

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

26

48

16

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

5,696

5,672

5,612

Earnings per common share (basic)

$

2.75

$

2.88

$

2.11

Earnings per common share (diluted)

$

2.74

$

2.86

$

2.10