Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and 2020. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at September 30, 2021. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At September 30, 2021 and 2020, there were 159,029 and 337,998 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)		2021	2020	2021	2020
Numerator:
Net income available to common shareholders	$	14,017	2,217	34,706	9,727
Denominator:
Weighted-average common shares outstanding – basic		7,873,868	7,732,293	7,832,330	7,711,181
Common stock equivalents		127,160	82,972	133,735	109,164
Weighted-average common shares outstanding – diluted		8,001,028	7,815,265	7,966,065	7,820,345
Earnings per common share:
Basic	$	1.78	0.29	4.43	1.26
Diluted	$	1.75	0.28	4.36	1.24