Three months ended March 31, (in thousands, except per share data)

2020

2019

Net income

$

2,047

$

2,434

Less: Undistributed earnings allocated to participating securities

(34

)

(26

)

Net income allocated to common stock

$

2,013

$

2,408

Weighted-average common shares issued

2,828

2,806

Less: Unvested restricted stock awards

(40

)

(29

)

Weighted average common shares outstanding used to calculate basic earnings per common share

2,788

2,777

Add: Dilutive effect of stock options

9

12

Weighted-average common shares outstanding used to calculate diluted earnings per common share

2,797

2,789

Earnings per common share (basic)

$

0.72

$

0.87

Earnings per common share (diluted)

$

0.72

$

0.86