EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2022

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 11 - EARNINGS PER COMMON SHARE

The following presents the calculation of basic and diluted earnings per common share during the periods presented (dollars in thousands, except share and per share amounts):

	Three Months Ended March 31,
	2022		2021
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	5,524	$	5,999
Denominator:
Basic weighted average shares		9,418,318		7,935,664
Earnings per common share - basic	$	0.59	$	0.76
Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	5,524	$	5,999
Denominator:
Basic weighted average shares		9,418,318		7,935,664
Diluted effect of common stock equivalents:
Stock options		57,139		4,923
Time Vesting Units		189,538		102,530
Financial Performance Units		83,954		46,289
Market Performance Units		13,653		14,197
Total diluted effect of common stock equivalents		344,284		167,939
Diluted weighted average shares		9,762,602		8,103,603
Earnings per common share - diluted	$	0.57	$	0.74

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

The following presents potentially dilutive securities excluded from the diluted earnings per share calculation during the periods presented:

	Three Months Ended March 31,
	2022	2021
Stock options	—	278,109
Time Vesting Units	—	3,982
Financial Performance Units	—	23,168
Restricted Stock Awards	—	21,054
Total potentially dilutive securities	—	326,313