Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings per Common Share

Schedule of computation of earnings per share

The following table summarizes the computation of earnings per share for the three and nine months ended September 30, 2022 and September 30, 2021.

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Earnings per common share - basic:
Income available to common shareholders (in thousands):
Net income	$	8,045	$	6,761	$	23,601	$	17,914
Less: Income attributable to unvested restricted stock awards		(33)		(30)		(103)		(85)
Net income available to common shareholders	$	8,012	$	6,731	$	23,498	$	17,829
Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock		14,047,746		13,641,330		13,963,307		13,635,404
Less: Unvested restricted stock		(58,332)		(60,792)		(60,983)		(64,955)
Weighted-average common shares outstanding - basic		13,989,414		13,580,538		13,902,324		13,570,449
Earnings per common share - basic	$	0.57	$	0.50	$	1.69	$	1.31
Earnings per common share - diluted:
Income available to common shareholders (in thousands):
Net income	$	8,045	$	6,761	$	23,601	$	17,914
Less: Income attributable to unvested restricted stock awards		(33)		(30)		(103)		(85)
Net income available to common shareholders	$	8,012	$	6,731	$	23,498	$	17,829
Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock		14,047,746		13,641,330		13,963,307		13,635,405
Less: Unvested restricted stock		(58,332)		(60,792)		(60,983)		(64,955)
Plus: Effect of dilutive options		118,872		302,566		163,563		294,776
Weighted-average common shares outstanding - diluted		14,108,286		13,883,104		14,065,887		13,865,226
Earnings per common share - diluted	$	0.57	$	0.48	$	1.67	$	1.29