Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 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 be issued by the Company related to outstanding unvested restricted stock 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 December 31, 2022 and 2021, there were 528 and none, respectively, of unvested restricted stock and performance stock unit awards 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,
	2022		2021

Net Income	$	28,317	$	25,886

Average number of common shares outstanding	5,652,189		5,788,003
Dilutive effect of common stock equivalents	7,440		9,522
Average number of shares used to calculate diluted EPS	5,659,629		5,797,525

Anti-dilutive shares	528		—

Earnings Per Common Share
Basic	$	5.01	$	4.47
Diluted	$	5.00	$	4.47