Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings per common share

Earnings Per Common Share

NOTE 9 – Earnings Per Common Share

The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the three- and nine- month periods ended September 30, 2020 and 2019. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at September 30, 2020. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At September 30, 2020 and 2019, there were 337,998 and 259,656 options, respectively, that were not considered in computing diluted earnings per common share because they were anti-dilutive.

	Three months ended			Nine months ended
	September 30,			September 30,
(dollars in thousands, except share data)		2020	2019	2020	2019
Numerator:
Net income available to common shareholders	$	2,217	7,412	9,727	20,661
Denominator:
Weighted-average common shares outstanding – basic		7,732,293	7,548,184	7,711,181	7,501,337
Common stock equivalents		82,972	232,320	109,164	258,274
Weighted-average common shares outstanding – diluted		7,815,265	7,780,504	7,820,345	7,759,611
Earnings per common share:
Basic	$	0.29	0.98	1.26	2.75
Diluted	$	0.28	0.95	1.24	2.66