Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 3 – 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 Six Months Ended
	June 30,				June 30,
(In thousands, except per share data)	2022		2021		2022		2021
Net Income	$	7,499	$	4,031	$	13,112	$	8,029
Weighted average shares outstanding - Basic		19,847		11,752		19,838		11,749
Dilutive effect of common stock equivalents-options		—		2		—		1
Weighted average shares outstanding - Diluted		19,847		11,754		19,838		11,750
Earnings per common share - Basic and Diluted	$	0.38	$	0.34	$	0.66	$	0.68

There were no weighted average common stock equivalents excluded from the calculation of diluted earnings per share for the three and six months June 30, 2021. There were no potentially dilutive shares outstanding during the three and six months ended June 30, 2022.