Earnings Per Common Share (Tables)

9 Months Ended

Sep. 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 September 30,				For the nine months ended September 30,
(In thousands, except per share data)	2020		2019		2020		2019
Net income	$	5,209	$	4,409	$	12,040	$	11,431
Net income allocated to participating securities	40		45		140		110

Net income allocated to common shareholders (1)	$	5,169	$	4,364	$	11,900	$	11,321
Weighted average common shares - issued	7,734		7,721		7,730		7,738
Average unvested restricted share awards	(59)		(80)		(90)		(76)
Weighted average common shares outstanding - basic	7,675		7,641		7,640		7,662
Effect of dilutive securities:
Weighted average common stock equivalents	37		111		61		114
Weighted average common shares outstanding - diluted	7,712		7,752		7,701		$	7,776
EPS available to common shareholders
Basic earnings per common share	$	0.68	$	0.57	$	1.56	$	1.48
Diluted earnings per common share	$	0.67	$	0.56	$	1.55	$	1.46

(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.