EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	1,076	$	1,506	$	3,591	$	5,326
Denominator:
Basic weighted average shares	9,647,345		9,532,397		9,647,509		9,518,135
Earnings per common share - basic	$	0.11	$	0.16	$	0.37	$	0.56
Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	1,076	$	1,506	$	3,591	$	5,326
Denominator:
Basic weighted average shares	9,647,345		9,532,397		9,647,509		9,518,135
Diluted effect of common stock equivalents:
Stock options	—		—		—		8,012
Time Vesting Units	18,495		70,151		22,965		97,689
Financial Performance Units	84,827		83,853		73,424		85,782
Total diluted effect of common stock equivalents	103,322		154,004		96,389		191,483
Diluted weighted average shares	9,750,667		9,686,401		9,743,898		9,709,618
Earnings per common share - diluted	$	0.11	$	0.16	$	0.37	$	0.55

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

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Stock options	88,936	170,225	54,093	63,299
Time Vesting Units	103,752	213,322	58,903	53,331
Financial Performance Units	—	9,090	2,273	2,273
Total potentially dilutive securities	192,688	392,637	115,269	118,903