Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

Earnings per common share

Earnings Per Common Share

NOTE 15 – Earnings Per Common Share

The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the years ended December 31, 2021, 2020 and 2019. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options and warrants that are outstanding. The assumed conversion of stock options and warrants can create a difference between basic and dilutive net income per common share.

At December 31, 2021, 2020 and 2019, options totaling 9,000, 318,825, and 94,885, respectively, were anti-dilutive in the calculation of earnings per share as their exercise price exceeded the fair market value. These options were therefore excluded from the diluted earnings per share calculation.

		December 31,
(dollars in thousands, except share data)		2021		2020		2019
Numerator:
Net income	$		46,711	$	18,328	$	27,858
Net income available to common shareholders	$		46,711	$	18,328	$	27,858
Denominator:
Weighted-average common shares outstanding - basic			7,843,692		7,718,615		7,528,283
Common stock equivalents			145,288		105,599		244,261
Weighted-average common shares outstanding - diluted			7,988,980		7,824,214		7,772,544
Earnings per common share:
Basic	$		5.96	$	2.37	$	3.70
Diluted	$		5.85	$	2.34	$	3.58