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Earnings Per Common Share | 12 Months Ended
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Dec. 31, 2023
Earnings per common share |
Earnings Per Common Share | NOTE 13 – 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, 2023, 2022 and 2021. 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, 2023, 2022 and 2021, options totaling 269,072, 131,433, and 9,000, 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.
Schedule of earnings per share calculation |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |
(dollars in thousands, except share data) |  | 2023 |  |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 13,426 |  |  |  | 29,115 |  |  |  | 46,711 |
Net income available to common shareholders |  | $ | 13,426 |  |  |  | 29,115 |  |  |  | 46,711 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding - basic |  |  | 8,046,633 |  |  |  | 7,958,294 |  |  |  | 7,843,692 |
Common stock equivalents |  |  | 31,821 |  |  |  | 113,396 |  |  |  | 145,288 |
Weighted-average common shares outstanding - diluted |  |  | 8,078,454 |  |  |  | 8,071,690 |  |  |  | 7,988,980 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.67 |  |  |  | 3.66 |  |  |  | 5.96 |
Diluted |  | $ | 1.66 |  |  |  | 3.61 |  |  |  | 5.85 |

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