Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE ("EPS")

Basic earnings per common share represent income available to common shareholders, divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may have been issued by the Company related to outstanding unvested restricted stock unit and performance stock unit awards were determined using the treasury stock method. The Company has not granted any stock options since 2007 and all outstanding options expired on July 17, 2017.

As of December 31, 2020 and 2019, there were no unvested restricted stock and performance stock unit awards which were excluded from the calculation as their effect would be anti-dilutive. Basic and diluted earnings per share have been computed based on weighted-average common and common equivalent shares outstanding as follows:


(dollars in thousands)	Years Ended December 31,
	2020		2019

Net Income	$	16,136	$	15,272

Average number of common shares outstanding	5,892,269		5,560,588
Dilutive effect of common stock equivalents	1,290		—
Average number of shares used to calculate diluted EPS	5,893,559		5,560,588

Earnings Per Common Share
Basic	$	2.74	$	2.75
Diluted	$	2.74	$	2.75