EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of basic and diluted earnings per share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	3,118	$	6,221	$	8,444	$	16,227

Denominator:
Basic weighted average shares	9,553,331		9,481,311		9,529,996		9,450,436
Earnings per common share - basic	$	0.33	$	0.66	$	0.89	$	1.72

Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	3,118	$	6,221	$	8,444	$	16,227

Denominator:
Basic weighted average shares	9,553,331		9,481,311		9,529,996		9,450,436
Diluted effect of common stock equivalents:
Stock options	—		30,599		5,341		45,934
Time Vesting Units	45,143		80,757		80,174		130,795
Financial Performance Units	144,796		80,411		105,452		85,362
Market Performance Units	—		—		—		4,551
Total diluted effect of common stock equivalents	189,939		191,767		190,967		266,642
Diluted weighted average shares	9,743,270		9,673,078		9,720,963		9,717,078
Earnings per common share - diluted	$	0.32	$	0.64	$	0.87	$	1.67

Schedule of potentially dilutive securities

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Stock options	149,725	—	100,730	—
Time Vesting Units	136,437	115,636	87,440	79,193
Financial Performance Units	9,090	94,210	4,545	31,403

Total potentially dilutive securities	295,252	209,846	192,715	110,596