Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings per common share

Schedule of Earnings Per Share Calculation

The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the three and nine month periods ended September 30, 2019 and 2018. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at September 30, 2019. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At September 30, 2019 and 2018, there were 259,656 and 181,892 options, respectively, that were not considered in computing diluted earnings per common share because they were anti-dilutive.

	Three months ended			Nine months ended
	September 30,			September 30,
(dollars in thousands, except share data)	2019		2018	2019	2018
Numerator:
Net income available to common shareholders	$	7,412	5,782	20,661	16,506
Denominator:
Weighted-average common shares outstanding – basic		7,548,184	7,400,174	7,501,337	7,369,473
Common stock equivalents		232,320	346,031	258,274	372,010
Weighted-average common shares outstanding – diluted		7,780,504	7,746,205	7,759,611	7,741,483
Earnings per common share:
Basic	$	0.98	0.78	2.75	2.24
Diluted	$	0.95	0.75	2.66	2.13