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

2023

2022

Net income

$

3,018

$

3,568

Less: Undistributed earnings allocated to participating securities

(50

)

(60

)

Net income allocated to common stock

$

2,968

$

3,508

Weighted-average common shares issued

5,799

5,734

Less: Unvested restricted stock awards

(97

)

(98

)

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

5,702

5,636

Add: Dilutive effect of stock options and restricted stock units

12

58

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

5,714

5,694

Earnings per common share (basic)

$

0.52

$

0.62

Earnings per common share (diluted)

$

0.52

$

0.62