NOTE 12 - EARNINGS PER COMMON SHARE

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


	Year Ended December 31,
	2018		2017
Earnings (loss) per common share - Basic
Numerator:
Net income	$	5,647	$	2,023
Dividends on preferred stock		(1,378)		(2,291)
Net income (loss) available for common shareholders	$	4,269	$	(268)

Denominator:
Basic weighted average shares		6,712,754		5,586,620
Earnings (loss) per common share - basic	$	0.64	$	(0.05)

Earnings (loss) per common share - Diluted
Numerator:
Net income	$	5,647	$	2,023
Dividends on preferred stock		(1,378)		(2,291)
Net income (loss) available for common shareholders	$	4,269	$	(268)

Denominator:
Basic weighted average shares		6,712,754		5,586,620
Diluted effect of common stock equivalents:
Stock options		15,645		—
Time Vesting Units		11,131		—
Financial Performance Units		4,879		—
Market Performance Units		7,217		—
Restricted Stock Awards		2,632		—
Total diluted effect of common stock equivalents		41,504		—
Diluted weighted average shares		6,754,258		5,586,620
Earnings (loss) per common share - diluted	$	0.63	$	(0.05)

Diluted earnings per share was computed without consideration to potentially dilutive instruments as their inclusion would have been anti‑dilutive. For the period ended December 31, 2018 and 2017, potentially dilutive securities excluded from the diluted loss per share calculation are as follows:


	For the Period Ended December 31,
	2018	2017
Stock options	339,199	592,714
Convertible Preferred D shares	75,850	151,700
Time Vesting Units	88,333	179,990
Financial Performance Units	8,069	20,840
Market Performance Units	—	21,467
Restricted Stock Awards	34,642	105,264
Maximum number of shares issuable under the Make Whole Right	—	95,356
Total potentially dilutive securities	546,093	1,167,331