NOTE 9 - 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):


	Three Months Ended March 31,
	2019		2018
Earnings per common share - Basic
Numerator:
Net income	$	1,627	$	1,186
Dividends on preferred stock		—		(561)
Net income available for common shareholders	$	1,627	$	625

Denominator:
Basic weighted average shares		7,873,718		5,870,813
Earnings per common share - basic	$	0.21	$	0.11

Earnings per common share - Diluted
Numerator:
Net income	$	1,627	$	1,186
Dividends on preferred stock		—		(561)
Net income available for common shareholders	$	1,627	$	625

Denominator:
Basic weighted average shares		7,873,718		5,870,813
Diluted effect of common stock equivalents:
Stock options		—		29,939
Time Vesting Units		2,080		30,565
Financial Performance Units		—		3,161
Market Performance Units		13,846		—
Restricted Stock Awards		—		3,948
Total diluted effect of common stock equivalents		15,926		67,613
Diluted weighted average shares		7,889,644		5,938,426
Earnings per common share - diluted	$	0.21	$	0.11

Diluted earnings per share was computed without consideration to potentially dilutive instruments as their inclusion would have been anti‑dilutive. As of March 31, 2019 and 2018, potentially dilutive securities excluded from the diluted earnings per share calculation are as follows:


	For the Three Months Ended March 31,
	2019	2018
Stock options	449,797	215,200
Convertible Preferred D shares	—	151,700
Time Vesting Units	159,991	—
Financial Performance Units	15,130	—
Market Performance Units	—	—
Restricted Stock Awards	94,736	—
Total potentially dilutive securities	719,654	366,900