EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	6,277	$	8,696	$	12,276	$	10,030
Denominator:
Basic weighted average shares		7,961,785		7,890,337		7,948,796		7,876,951
Earnings per common share - basic	$	0.79	$	1.10	$	1.54	$	1.27
Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	6,277	$	8,696	$	12,276	$	10,030
Denominator:
Basic weighted average shares		7,961,785		7,890,337		7,948,796		7,876,951
Diluted effect of common stock equivalents:
Stock options		35,849		—		20,386		—
Time Vesting Units		131,684		18,401		117,107		23,517
Financial Performance Units		70,746		6,558		59,953		15,804
Market Performance Units		13,836		13,222		14,017		13,294
Total diluted effect of common stock equivalents		252,115		38,181		211,463		52,615
Diluted weighted average shares		8,213,900		7,928,518		8,160,259		7,929,566
Earnings per common share - diluted	$	0.76	$	1.10	$	1.50	$	1.26

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 June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Stock options	141,639	419,197	209,874	419,197
Time Vesting Units	—	92,388	1,991	89,656
Financial Performance Units	26,735	96,257	24,952	48,129
Restricted Stock Awards	—	41,830	10,527	51,749
Total potentially dilutive securities	168,374	649,672	247,344	608,731