EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2021

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 (dollars in thousands, except share and per share amounts):

	Three Months Ended March 31,
	2021		2020
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	5,999	$	1,334
Denominator:
Basic weighted average shares		7,935,664		7,863,564
Earnings per common share - basic	$	0.76	$	0.17
Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	5,999	$	1,334
Denominator:
Basic weighted average shares		7,935,664		7,863,564
Diluted effect of common stock equivalents:
Stock options		4,923		—
Time Vesting Units		102,530		28,632
Financial Performance Units		46,289		25,049
Market Performance Units		14,197		13,366
Total diluted effect of common stock equivalents		167,939		67,047
Diluted weighted average shares		8,103,603		7,930,611
Earnings per common share - diluted	$	0.74	$	0.17

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

The table below presents potentially dilutive securities excluded from the diluted earnings per share calculation for the periods indicated:

	Three Months Ended March 31,
	2021	2020
Stock options	278,109	419,197
Time Vesting Units	3,982	86,923
Financial Performance Units	23,168	—
Restricted Stock Awards	21,054	61,668
Total potentially dilutive securities	326,313	567,788