Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 and June 30, 2023.

	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Earnings per common share - basic:
Income available to common shareholders (in thousands):
Net income	$	3,905	$	4,490	$	8,109	$	10,794
Less: Income attributable to unvested restricted stock awards		(13)		(15)		(26)		(38)
Net income available to common shareholders	$	3,892	$	4,475	$	8,083	$	10,756
Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock		14,219,305		14,125,538		14,197,937		14,199,553
Less: Unvested restricted stock		(46,060)		(47,880)		(45,822)		(49,398)
Weighted-average common shares outstanding - basic		14,173,245		14,077,658		14,152,115		14,150,155
Earnings per common share - basic	$	0.27	$	0.32	$	0.57	$	0.76
Earnings per common share - diluted:
Income available to common shareholders (in thousands):
Net income	$	3,905	$	4,490	$	8,109	$	10,794
Less: Income attributable to unvested restricted stock awards		(13)		(15)		(26)		(38)
Net income available to common shareholders	$	3,892	$	4,475	$	8,083	$	10,756
Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock		14,219,305		14,125,538		14,197,937		14,199,553
Less: Unvested restricted stock		(46,060)		(47,880)		(45,822)		(49,398)
Plus: Effect of dilutive options		26,926		65,595		37,402		78,000
Weighted-average common shares outstanding - diluted		14,200,171		14,143,253		14,189,517		14,228,155
Earnings per common share - diluted	$	0.27	$	0.32	$	0.57	$	0.76