EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Earnings per common share - Basic
Numerator:
Net income	$	9,630	$	2,406	$	19,660	$	5,437
Dividends on preferred stock		—		—		—		—
Net income available for common shareholders	$	9,630	$	2,406	$	19,660	$	5,437
Denominator:
Basic weighted average shares		7,911,871		7,890,794		7,888,675		7,882,221
Earnings per common share - basic	$	1.22	$	0.30	$	2.49	$	0.69
Earnings per common share - Diluted
Numerator:
Net income	$	9,630	$	2,406	$	19,660	$	5,437
Dividends on preferred stock		—		—		—		—
Net income available for common shareholders	$	9,630	$	2,406	$	19,660	$	5,437
Denominator:
Basic weighted average shares		7,911,871		7,890,794		7,888,675		7,882,221
Diluted effect of common stock equivalents:
Stock options		—		—		—		—
Time Vesting Units		85,897		10,702		44,310		4,942
Financial Performance Units		7,786		123		16,176		41
Market Performance Units		13,453		13,175		13,347		13,357
Restricted Stock Awards		—		—		—		—
Total diluted effect of common stock equivalents		107,136		24,000		73,833		18,340
Diluted weighted average shares		8,019,007		7,914,794		7,962,508		7,900,561
Earnings per common share - diluted	$	1.20	$	0.30	$	2.47	$	0.69

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

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Stock options	419,197	423,197	419,197	438,364
Time Vesting Units	82,600	130,821	87,304	163,141
Financial Performance Units	116,051	55,028	70,769	47,008
Restricted Stock Awards	21,054	61,668	41,517	83,713
Total potentially dilutive securities	638,902	670,714	618,787	732,226