Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2023

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 the three months ended March 31, 2023, and 2022, there were 1,854 and zero, respectively of 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, except per share amounts)	Three Months Ended March 31,
	2023		2022

Net Income	$	7,327	$	6,288

Average number of common shares outstanding	5,651,750		5,688,221
Dilutive effect of common stock equivalents	3,832		10,817
Average number of shares used to calculate diluted EPS	5,655,582		5,699,038

Anti-dilutive shares	1,854		—

Earnings Per Common Share
Basic	$	1.30	$	1.11
Diluted	$	1.30	$	1.10