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Earnings Per Common Share (EPS)
12 Months Ended
Dec. 31, 2020
Earnings Per Common Share (EPS) [Abstract]  
Earnings Per Common Share (EPS)



Note 13 – Earnings per common share (EPS)



Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period.  Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, or resulted in the issuance of common stock that then shared in the earnings of the entity. 

The basic and diluted earnings per share calculations are as follows:



 

 

 



Years ended December 31,



2020

 

2019

Numerator:

 

 

 

Net income available to stockholders

$4,980 

 

$5,605 



 

 

 

Basic EPS weighted average shares outstanding

4,341,575 

 

4,375,814 

Effect of dilutive securities:

 

 

 

Incremental shares attributable to stock options

-

 

5,783 



 

 

 

Diluted EPS weighted-average shares outstanding

4,341,575 

 

4,381,597 



 

 

 

Basic earnings per common share

$1.15 

 

$1.28 

Diluted earnings per common share

$1.15 

 

$1.28 



In 2020, all restricted stock units (RSUs) were excluded from calculating diluted earnings per share as the Company elected to settle units vesting in January 2020 wholly in cash.  Going forward, management has adopted a cash settlement policy for all currently outstanding RSUs.  Prior to 2020, the presumption was that the shares would be settled in common stock and the RSUs were included in the calculation of diluted EPS.  There were no potentially dilutive shares excluded from the 2019 earnings per share calculation because they were anti-dilutive.