EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2019

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 10 - 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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Earnings per common share - Basic
Numerator:
Net income	$	1,404	$	1,048	$	3,031	$	2,234
Dividends on preferred stock		—		(562)		—		(1,123)
Net income available for common shareholders	$	1,404	$	486	$	3,031	$	1,111
Denominator:
Basic weighted average shares		7,881,999		5,911,886		7,877,864		5,891,463
Earnings per common share - basic	$	0.18	$	0.08	$	0.39	$	0.19
Earnings per common share - Diluted
Numerator:
Net income	$	1,404	$	1,048	$	3,031	$	2,234
Dividends on preferred stock		—		(562)		—		(1,123)
Net income available for common shareholders	$	1,404	$	486	$	3,031	$	1,111
Denominator:
Basic weighted average shares		7,881,999		5,911,886		7,877,864		5,891,463
Diluted effect of common stock equivalents:
Stock options		—		32,643		—		31,291
Time Vesting Units		2,044		13,958		2,062		22,261
Financial Performance Units		—		16,355		—		9,758
Market Performance Units		13,049		—		13,448		—
Restricted Stock Awards		—		6,579		—		5,264
Total diluted effect of common stock equivalents		15,093		69,535		15,510		68,574
Diluted weighted average shares		7,897,092		5,981,421		7,893,374		5,960,037
Earnings per common share - diluted	$	0.18	$	0.08	$	0.39	$	0.19

Diluted earnings per share was computed without consideration to potentially dilutive instruments as their inclusion would have been anti‑dilutive. As of June 30, 2019 and 2018, potentially dilutive securities excluded from the diluted earnings per share calculation are as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2019	2018	2019	2018
Stock options	442,097	207,700	445,947	211,450
Convertible Preferred D shares	—	151,700	—	151,700
Time Vesting Units	198,611	—	179,301	—
Financial Performance Units	70,865	—	42,998	—
Market Performance Units	—	—	—	—
Restricted Stock Awards	94,736	—	94,736	—
Total potentially dilutive securities	806,309	359,400	762,982	363,150