NOTE 13 - 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,
	2019		2018
Earnings per common share - Basic
Numerator:
Net income	$	8,009	$	5,647
Dividends on preferred stock		—		(1,378)
Net income available for common shareholders	$	8,009	$	4,269

Denominator:
Basic weighted average shares		7,890,266		6,712,754
Earnings per common share - basic	$	1.02	$	0.64

Earnings per common share - Diluted
Numerator:
Net income	$	8,009	$	5,647
Dividends on preferred stock		—		(1,378)
Net income available for common shareholders	$	8,009	$	4,269

Denominator:
Basic weighted average shares		7,890,266		6,712,754
Diluted effect of common stock equivalents:
Stock options		—		15,645
Time Vesting Units		9,315		11,131
Financial Performance Units		2,071		4,879
Market Performance Units		13,309		7,217
Restricted Stock Awards		—		2,632
Total diluted effect of common stock equivalents		24,695		41,504
Diluted weighted average shares		7,914,961		6,754,258
Earnings per common share - diluted	$	1.01	$	0.63

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


	Year Ended December 31,
	2019	2018
Stock options	433,572	339,199
Convertible Preferred D shares	—	75,850
Time Vesting Units	144,560	88,333
Financial Performance Units	35,256	8,069
Restricted Stock Awards	78,202	34,642
Total potentially dilutive securities	691,590	546,093