EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2020

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

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,
	2020		2019
Earnings per common share - Basic
Numerator:
Net income	$	24,534	$	8,009
Net income available for common shareholders	$	24,534	$	8,009
Denominator:
Basic weighted average shares		7,899,278		7,890,266
Earnings per common share - basic	$	3.11	$	1.02
Earnings per common share - Diluted
Numerator:
Net income	$	24,534	$	8,009
Net income available for common shareholders	$	24,534	$	8,009
Denominator:
Basic weighted average shares		7,899,278		7,890,266
Diluted effect of common stock equivalents:
Time Vesting Units	$	32,995	$	9,315
Financial Performance Units		16,160		2,071
Market Performance Units		13,471		13,309
Total diluted effect of common stock equivalents		62,626		24,695
Diluted weighted average shares		7,961,904		7,914,961
Earnings per common share - diluted	$	3.08	$	1.01

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

	Year Ended December 31,
	2020	2019
Stock options	419,197	433,572
Time Vesting Units	88,121	144,560
Financial Performance Units	70,397	35,256
Restricted Stock Awards	36,401	78,202
Total potentially dilutive securities	614,116	691,590