Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

Earnings per common share

Earnings Per Common Share

NOTE 8 – 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, 2023 and 2022. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at September 30, 2023. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At September 30, 2023 and 2022, there were 351,746 and 162,060 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)	2023		2022		2023		2022
Numerator:
Net income available to common shareholders	$	4,098		8,413		9,259		23,623
Denominator:
Weighted-average common shares outstanding – basic		8,052,926		7,972,146		8,043,410		7,954,025
Common stock equivalents		19,482		92,941		34,420		117,963
Weighted-average common shares outstanding – diluted		8,072,408		8,065,087		8,077,830		8,071,988
Earnings per common share:
Basic	$	0.51		1.06		1.15		2.97
Diluted	$	0.51		1.04		1.15		2.93