Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

The calculation of basic and diluted earnings per share using the two-class method for the periods noted below was as follows:


	For the three months ended June 30,						For the six months ended June 30,
(In thousands, except per share data)	2020		2019		2020		2019
Net income	$	2,721	$	3,555	$	6,831	$	7,022
Net income allocated to participating securities	19		37		82		66
Net income allocated to common shareholders ⁽¹⁾	$	2,702	$	3,518	$	6,749	$	6,956
Weighted average common shares - issued	7,732		7,739		7,729		7,746
Average unvested restricted share awards	(56)		(81)		(93)		(74)
Weighted average common shares outstanding - basic	7,676		7,658		7,636		7,672
Effect of dilutive securities:
Weighted average common stock equivalents	45		114		77		116
Weighted average common shares outstanding - diluted	7,721		7,772		7,713		$	7,788
EPS available to common shareholders
Basic earnings per common share	$	0.35	$	0.46	$	0.88	$	0.91
Diluted earnings per common share	$	0.35	$	0.45	$	0.88	$	0.89

⁽¹⁾Net income allocated to common shareholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common share equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate net income to common shareholders and participating securities for the purposes of calculating diluted earnings per share.