Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 2 – Earnings Per Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of potential common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
(In thousands, except per share data)	2021		2020		2021		2020
Net Income	$	4,616	$	3,391	$	12,645	$	11,844
Weighted average shares outstanding - Basic		11,752		12,483		11,750		12,507
Dilutive effect of common stock equivalents-options		—		1		—		2
Weighted average shares outstanding - Diluted		11,752		12,484		11,750		12,509
Earnings per common share - Basic and Diluted	$	0.39	$	0.27	$	1.08	$	0.95

There were no weighted average common stock equivalents excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2021 and 2020.