EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2020

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 11 - 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,
	2020		2019		2020		2019
Earnings per common share - Basic
Numerator:
Net income	$	8,696	$	1,404	$	10,030	$	3,031
Dividends on preferred stock		—		—		—		—
Net income available for common shareholders	$	8,696	$	1,404	$	10,030	$	3,031
Denominator:
Basic weighted average shares		7,890,337		7,881,999		7,876,951		7,877,864
Earnings per common share - basic	$	1.10	$	0.18	$	1.27	$	0.39
Earnings per common share - Diluted
Numerator:
Net income	$	8,696	$	1,404	$	10,030	$	3,031
Dividends on preferred stock		—		—		—		—
Net income available for common shareholders	$	8,696	$	1,404	$	10,030	$	3,031
Denominator:
Basic weighted average shares		7,890,337		7,881,999		7,876,951		7,877,864
Diluted effect of common stock equivalents:
Stock options		—		—		—		—
Time Vesting Units		18,401		2,044		23,517		2,062
Financial Performance Units		6,558		—		15,804		—
Market Performance Units		13,222		13,049		13,294		13,448
Restricted Stock Awards		—		—		—		—
Total diluted effect of common stock equivalents		38,181		15,093		52,615		15,510
Diluted weighted average shares		7,928,518		7,897,092		7,929,566		7,893,374
Earnings per common share - diluted	$	1.10	$	0.18	$	1.26	$	0.39

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

As of June 30, 2020 and 2019, potentially dilutive securities excluded from the diluted earnings per share calculation are as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
Stock options	419,197	442,097	419,197	445,947
Time Vesting Units	92,388	198,611	89,656	179,301
Financial Performance Units	96,257	70,865	48,129	42,998
Restricted Stock Awards	41,830	94,736	51,749	94,736
Total potentially dilutive securities	649,672	806,309	608,731	762,982