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Earnings Per Common Share
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Common Share

Note 2 - Earnings Per Common Share

Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during the period, excluding non-vested restricted shares. Dilutive earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during the period plus the maximum dilutive effect on common stock issuable upon exercise of stock options or vesting of restricted stock units. Stock options and unvested restricted stock units are considered common stock equivalents and are only included in the calculation of dilutive earnings per common share if the effect is dilutive.

The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: 

 

                 
   Nine months   Three months 
   Ended September 30,   Ended September 30, 
(In thousands except average market price and per share data)  2023   2022   2023   2022 
Numerator (Net income available to common shareholders)  $8,546   $10,570   $1,756   $3,951 
Denominator                    
Weighted average common shares outstanding for:                    
Basic shares   7,564    7,525    7,573    7,531 
Dilutive securities:                    
Deferred compensation   27    29    22    24 
Restricted stock – Treasury stock method   58    49    60    53 
Diluted shares   7,649    7,603    7,655    7,608 
Earnings per common share:                    
Basic   1.13    1.40    0.23    0.52 
Diluted   1.12    1.39    0.23    0.52 
The average market price used in calculating assumed number of shares  $18.83   $19.53   $17.80   $18.11