Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

NOTE 15 – Earnings Per Common Share

The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the years ended December 31, 2019, 2018 and 2017. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options and warrants that are outstanding. The assumed conversion of stock options and warrants can create a difference between basic and dilutive net income per common share.

At December 31, 2019, 2018 and 2017, options totaling 94,885, 195,425, and 107,015, respectively, were anti-dilutive in the calculation of earnings per share as their exercise price exceeded the fair market value. These options were therefore excluded from the diluted earnings per share calculation.


	December 31,
(dollars in thousands, except share data)	2019		2018		2017
Numerator:
Net income	$	27,858	$	22,289	13,045
Net income available to common shareholders	$	27,858	$	22,289	13,045
Denominator:
Weighted-average common shares outstanding - basic		7,528,283		7,384,200	7,005,703
Common stock equivalents		244,261		353,295	387,674
Weighted-average common shares outstanding - diluted		7,772,544		7,737,495	7,393,377
Earnings per common share:
Basic	$	3.70	$	3.02	1.86
Diluted	$	3.58	$	2.88	1.76