EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2026

The following presents the calculation of basic and diluted earnings per common share during the periods presented:


	Three Months Ended March 31,
dollars in thousands, except share and per share amounts		2026		2025
Earnings per common share - Basic
Numerator:
Net income available for common shareholders		$	6,208	$	4,185

Denominator:
Basic weighted average shares		9,733,704		9,704,419
Earnings per common share - basic		$	0.64	$	0.43

Earnings per common share - Diluted
Numerator:
Net income available for common shareholders		$	6,208	$	4,185

Denominator:
Basic weighted average shares		9,733,704		9,704,419
Diluted effect of common stock equivalents:

Time Vesting Units		67,710		48,949
Financial Performance Units		99,007		45,223

Total diluted effect of common stock equivalents		166,717		94,172
Diluted weighted average shares		9,900,420		9,798,591
Earnings per common share - diluted		$	0.63	$	0.43

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,
		2026	2025
Stock options		15,744	68,728
Time Vesting Units		7,585	60,277


Total potentially dilutive securities		23,329	129,005