Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 3 – Earnings Per Common Share

Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). At June 30, 2020, there were RSUs relating to 5,070 shares of common stock outstanding.

The following tables set forth the calculation of basic and diluted earnings per common share for the six and three month periods ended June 30, 2020 and 2019:

	Six months ended June 30,
	2020					2019
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic Earnings Per Share:
Net income	$	4,325	7,018	$	0.62	$	5,753	7,094	$	0.81
Diluted Earnings Per Share:
Net income	$	4,325	7,032	$	0.62	$	5,753	7,094	$	0.81

	Three months ended June 30,
	2020					2019
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic Earnings Per Share:
Net income	$	2,570	6,974	$	0.37	$	2,602	7,100	$	0.37
Diluted Earnings Per Share:
Net income	$	2,570	6,992	$	0.37	$	2,602	7,100	$	0.37