Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

NOTE 9 – Earnings Per Common Share

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, 2022 and 2021. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at September 30, 2022. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At September 30, 2022 and 2021, there were 162,060 and 159,029 options, respectively, that were not considered in computing diluted earnings per common share because they were anti-dilutive.

	Three months ended September 30,				Nine months ended September 30,
(dollars in thousands, except share data)	2022		2021		2022		2021
Numerator:
Net income available to common shareholders	$	8,413		14,017		23,623		34,706
Denominator:
Weighted-average common shares outstanding – basic		7,972,146		7,873,868		7,954,025		7,832,330
Common stock equivalents		92,941		127,160		117,963		133,735
Weighted-average common shares outstanding – diluted		8,065,087		8,001,028		8,071,988		7,966,065
Earnings per common share:
Basic	$	1.06		1.78		2.97		4.43
Diluted	$	1.04		1.75		2.93		4.46