Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

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 six month periods ended June 30, 2024 and 2023. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at June 30, 2024. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At June 30, 2024 and 2023, there were 266,974 and 386,003 options, respectively, that were not considered in computing diluted earnings per common share because they were anti-dilutive.

		Three months ended June 30,			Six months ended June 30,
(dollars in thousands, except share data)		2024	2023		2024	2023
Numerator:
Net income available to common shareholders	$	2,999	2,458	$	5,521	5,161
Denominator:
Weighted-average common shares outstanding – basic		8,125,869	8,051,131		8,118,059	8,038,642
Common stock equivalents		14,953	17,897		23,312	41,879
Weighted-average common shares outstanding – diluted		8,140,822	8,069,028		8,141,371	8,080,521
Earnings per common share:
Basic	$	0.37	0.31	$	0.68	0.64
Diluted		0.37	0.31		0.68	0.64