Earnings Per Common Share

12 Months Ended

Dec. 31, 2020

Earnings Per Common Share [Abstract]

Earnings Per Common Share

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. There were 5,070 common stock equivalents of restricted stock units at December 31, 2020 and no common stock equivalents at December 31, 2019.

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The following table sets forth the calculation of basic and diluted earnings per common share for the years ended December 31, 2020 and 2019:

	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	$	13,841	7,004	$	1.98	$	13,129	7,101	$	1.85
Diluted Earnings Per Share:
Net income	$	13,841	7,013	$	1.97	$	13,129	7,101	$	1.85