EARNINGS PER SHARE (“EPS”)

6 Months Ended

Jun. 30, 2022

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 and included in the calculation of dilutive common stock equivalents. The Company has not granted any stock options since 2007 and all outstanding options expired on July 17, 2017.

As of three and six months ended June 30, 2022, there were 564 and 426, respectively of no unvested restricted stock and performance stock unit awards which were excluded from the calculation as their effect would be anti-dilutive. There we no antidilutive awards that were excluded from the calculation for the three and six months ended June 30, 2021. 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

Net Income	$	6,834	$	6,432	$	13,122	$	12,731

Average number of common shares outstanding	5,647,821		5,845,009		5,667,909		5,866,510
Dilutive effect of common stock equivalents	9,912		11,945		10,256		11,188
Average number of shares used to calculate diluted EPS	5,657,733		5,856,954		5,678,165		5,877,698

Anti-dilutive shares	564		—		426		—

Earnings Per Common Share
Basic	$	1.21	$	1.10	$	2.32	$	2.17
Diluted	$	1.21	$	1.10	$	2.31	$	2.17