EARNINGS PER SHARE (“EPS”)

9 Months Ended

Sep. 30, 2021

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. Common shares that may be issued by the Company related to outstanding unvested restricted stock units and performance stock unit awards were determined using the treasury stock method and are included in the calculation of dilutive common stock equivalents.

Basic and diluted earnings per share have been computed based on weighted-average common and common equivalent shares outstanding as follows:


(dollars in thousands, except per share amounts)	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Net Income	$	6,404	$	3,799	$	19,135	$	9,997

Average number of common shares outstanding	5,709,814		5,895,074		5,813,704		5,892,107
Dilutive effect of common stock equivalents	10,187		—		9,514		—
Average number of shares used to calculate diluted EPS	5,720,001		5,895,074		5,823,218		5,892,107

Anti-dilutive shares	40		—		3,355		—

Earnings Per Common Share
Basic	$	1.12	$	0.64	$	3.29	$	1.70
Diluted	$	1.12	$	0.64	$	3.29	$	1.70