EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2021

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 13 - EARNINGS PER COMMON SHARE

The following 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,
	2021		2020
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	20,610	$	24,534
Denominator:
Basic weighted average shares		7,980,491		7,899,278
Earnings per common share - basic	$	2.58	$	3.11
Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	20,610	$	24,534
Denominator:
Basic weighted average shares		7,980,491		7,899,278
Diluted effect of common stock equivalents:
Stock options		30,661		—
Time Vesting Units		139,829		32,995
Financial Performance Units		70,437		16,160
Market Performance Units		13,760		13,471
Total diluted effect of common stock equivalents		254,687		62,626
Diluted weighted average shares		8,235,178		7,961,904
Earnings per common share - diluted	$	2.50	$	3.08

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, 2021 and 2020, potentially dilutive securities excluded from the diluted earnings per share calculation are as follows:

	Year Ended December 31,
	2021	2020
Stock options	168,872	419,197
Time Vesting Units	996	88,121
Financial Performance Units	32,713	70,397
Restricted Stock Awards	7,895	36,401
Total potentially dilutive securities	210,476	614,116