Net Income Per Share

12 Months Ended

Dec. 31, 2021

Note 20 – Net Income per Share

The table below shows the weighted average number of shares used in computing net income per common share and the effect on the weighted average number of shares of potential dilutive common stock for the years ended December 31, 2021 and 2020. Potential dilutive common stock equivalents have no effect on net income available to the Company’s shareholders. Diluted net income per share is computed based on the weighted average number of shares of common stock equivalents outstanding, to the extent dilutive. The Company’s common stock equivalents relate to outstanding common stock options.

Nonvested restricted stock is included in the calculation of basic and diluted net income per share. The weighted average shares below as of December 31, 2021 and December 31, 2020 include 37,011 and 25,268 shares, respectively, of such restricted stock that have not yet vested. The recipients of nonvested restricted shares have full voting and dividend rights.


(Dollars in thousands)	Net Income		Weighted Average Shares		Per Share Amount
December 31, 2021
Basic net income per share	$	10,071		4,668,761	$	2.16
Effect of dilutive stock options				26,644		(0.02	)
Diluted net income per share	$	10,071		4,695,405	$	2.14

December 31, 2020
Basic net income per share	$	7,978		2,707,877	$	2.95
Effect of dilutive stock options				690		-
Diluted net income per share	$	7,978		2,708,567	$	2.95

In 2021 and 2020, stock options representing 101,901 and 145,404 average shares, respectively, were not included in the calculation of net income per share, as their effect would have been antidilutive.