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Earnings Per Common Share
 12 Months Ended
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.

            
     
   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