EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2022

The following presents the calculation of basic and diluted earnings per common share for the periods indicated (dollars in thousands, except share and per share amounts):


	Year Ended December 31,
	2022		2021
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	21,698	$	20,610

Denominator:
Basic weighted average shares	9,461,349		7,980,491
Earnings per common share - basic	$	2.29	$	2.58

Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	21,698	$	20,610

Denominator:
Basic weighted average shares	9,461,349		7,980,491
Diluted effect of common stock equivalents:
Stock options	42,944		30,661
Time Vesting Units	117,774		139,829
Financial Performance Units	88,143		70,437
Market Performance Units	3,413		13,760
Total diluted effect of common stock equivalents	252,274		254,687
Diluted weighted average shares	9,713,623		8,235,178
Earnings per common share - diluted	$	2.23	$	2.50

Diluted earnings per share was computed without consideration to potentially dilutive instruments as their inclusion would have been anti-dilutive.

The following presents potentially dilutive securities excluded from the diluted earnings per share calculation during the periods presented:


	Year Ended December 31,
	2022	2021
Stock options	—	168,872
Time Vesting Units	86,145	996
Financial Performance Units	23,553	32,713
Restricted Stock Awards	—	7,895
Total potentially dilutive securities	109,698	210,476