Earnings Per Common Share

12 Months Ended

Dec. 31, 2022

Earnings per common share [Abstract]

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, 2022, 2021 and 2020. 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, 2022, 2021 and 2020, options totaling 131,433, 9,000, and 318,825, 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)	2022		2021		2020
Numerator:
Net income	$	29,115		46,711		18,328
Net income available to common shareholders	$	29,115		46,711		18,328
Denominator:
Weighted-average common shares outstanding - basic		7,958,294		7,843,692		7,718,615
Common stock equivalents		113,396		145,288		105,599
Weighted-average common shares outstanding - diluted		8,071,690		7,988,980		7,824,214
Earnings per common share:
Basic	$	3.66		5.96		2.37
Diluted	$	3.61		5.85		2.34