Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 12. Earnings Per Common Share

Basic earnings per share was computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share reflected the effect of potentially dilutive securities.

A reconciliation of the numerator and denominator of the income per common share calculations is as follows:

	For the Year Ended December 31, 2021
	Income			Weighted Average Shares Outstanding (In thousands)		Per Share Amount
Basic and Diluted Earnings Per Common Share
Net income before preferred stock dividends	$	4,281			20,402		-
Less preferred stock dividends		(399	)		—
Net income applicable to common shareholders	$	3,882			20,402	$	0.19

	For the Year Ended December 31, 2020
	Income			Weighted Average Shares Outstanding (In thousands)		Per Share Amount
Basic Earnings Per Common Share
Net income before preferred stock dividends	$	12,169			20,441		-
Less preferred stock dividends		(399	)		—
Net income applicable to common shareholders		11,770			20,441		0.58
Diluted Earnings Per Common Share
Effect of Series D preferred stock		399			1,378
Net income applicable to common shareholders	$	12,169			21,819	$	0.56

The assumed conversion of the Company’s Series D Preferred Stock was excluded from the earnings per common share calculation for 2021 since its impact would have been antidilutive.