Earnings Per Share

9 Months Ended

Sep. 30, 2020

The following table presents the computations of basic and diluted EPS for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands, except per share)	2020		2019		2020		2019
Basic earnings per share:
Net income	$	3,449	$	6,785	$	10,388	$	19,950
Less: income allocated to unvested restricted stock	(8)		(8)		(25)		(8)
Net income allocated to common stock	$	3,441	$	6,777	$	10,363	$	19,942
Weighted-average total common shares outstanding	15,378,374		15,835,139		15,432,353		15,949,962
Less: weighted-average unvested restricted stock	(34,486)		(18,870)		(36,878)		(6,359)
Weighted-average common shares outstanding, basic	15,343,888		15,816,269		15,395,475		15,943,603
Basic earnings per share	$	0.22	$	0.43	$	0.67	$	1.25
Diluted earnings per share:
Net income allocated to common stock	$	3,441	$	6,777	$	10,363	$	19,942
Weighted-average common shares outstanding, basic	15,343,888		15,816,269		15,395,475		15,943,603
Diluted effect of stock options	33,643		283,329		70,732		288,245
Weighted-average common shares outstanding, diluted	15,377,531		16,099,598		15,466,207		16,231,848
Diluted earnings per share	$	0.22	$	0.42	$	0.67	$	1.23

There were 660,859 and 163,000 stock options were excluded in computing diluted EPS because they were anti-dilutive for three and nine months ended September 30, 2020, respectively. For three and nine months ended September 30, 2019, there were 155,000 and 163,000 stock options excluded in computing diluted EPS because they were anti-dilutive, respectively.