EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	4,482	$	6,277	$	10,006	$	12,276
Denominator:
Basic weighted average shares		9,450,987		7,961,785		9,434,742		7,948,796
Earnings per common share - basic	$	0.47	$	0.79	$	1.06	$	1.54
Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	4,482	$	6,277	$	10,006	$	12,276
Denominator:
Basic weighted average shares		9,450,987		7,961,785		9,434,742		7,948,796
Diluted effect of common stock equivalents:
Stock options		52,870		35,849		55,005		20,386
Time Vesting Units		122,090		131,684		155,813		117,107
Financial Performance Units		91,720		70,746		92,524		59,953
Market Performance Units		—		13,836		6,827		14,017
Total diluted effect of common stock equivalents		266,680		252,115		310,169		211,463
Diluted weighted average shares		9,717,667		8,213,900		9,744,911		8,160,259
Earnings per common share - diluted	$	0.46	$	0.76	$	1.03	$	1.50

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Stock options		—		141,639		—		209,874
Time Vesting Units		121,942		—		60,971		1,991
Financial Performance Units		—		26,735		—		24,952
Restricted Stock Awards		—		—		—		10,527
Total potentially dilutive securities		121,942		168,374		60,971		247,344