EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	6,221	$	6,417	$	16,227	$	18,693
Denominator:
Basic weighted average shares		9,481,311		7,979,869		9,450,436		7,959,268
Earnings per common share - basic	$	0.66	$	0.80	$	1.72	$	2.35
Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	6,221	$	6,417	$	16,227	$	18,693
Denominator:
Basic weighted average shares		9,481,311		7,979,869		9,450,436		7,959,268
Diluted effect of common stock equivalents:
Stock options		30,599		35,428		45,934		25,400
Time Vesting Units		80,757		144,479		130,795		126,231
Financial Performance Units		80,411		73,135		85,362		64,542
Market Performance Units		—		13,442		4,551		13,825
Total diluted effect of common stock equivalents		191,767		266,484		266,642		229,998
Diluted weighted average shares		9,673,078		8,246,353		9,717,078		8,189,266
Earnings per common share - diluted	$	0.64	$	0.78	$	1.67	$	2.28

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock options		—		139,639		—		186,462
Time Vesting Units		115,636		—		79,193		1,327
Financial Performance Units		94,210		40,745		31,403		30,216
Restricted Stock Awards		—		10,527		—		10,527
Total potentially dilutive securities		209,846		190,911		110,596		228,532