Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings per Common Share

Schedule of computation of earnings per share

The following table summarizes the computation of earnings per share for the three months ended March 31, 2023 and March 31, 2022.

	Three months ended
	March 31,
	2023		2022
Earnings per common share - basic:
Income available to common shareholders (in thousands):
Net income	$	6,304	$	7,674
Less: Income attributable to unvested restricted stock awards		(23)		(36)
Net income available to common shareholders	$	6,281	$	7,638
Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock		14,117,981		13,847,560
Less: Unvested restricted stock		(50,934)		(64,526)
Weighted-average common shares outstanding - basic		14,067,047		13,783,034
Earnings per common share - basic	$	0.45	$	0.55
Earnings per common share - diluted:
Income available to common shareholders (in thousands):
Net income	$	6,304	$	7,674
Less: Income attributable to unvested restricted stock awards		(23)		(36)
Net income available to common shareholders	$	6,281	$	7,638
Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock		14,117,981		13,847,560
Less: Unvested restricted stock		(50,934)		(64,526)
Plus: Effect of dilutive options		89,677		208,658
Weighted-average common shares outstanding - diluted		14,156,724		13,991,692
Earnings per common share - diluted	$	0.44	$	0.55