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Earnings per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings per Share | Note 11 – Earnings per Share We determine basic earnings per share (“EPS”) by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is determined by dividing net income available to common shareholders by the weighted-average number of shares outstanding, increased by both the number of shares that would be issued assuming the exercise of instruments under our incentive stock plan. The following table presents our calculation of EPS for the periods shown:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in thousands except shares and per share data) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Numerator for basic and diluted earnings per share: |  |  |  |  |  |  |  |
Net income |  | $ | 2,718 |  |  | $ | 11,828 |  |  | $ | 8,538 |  |  | $ | 29,160 |
Less: Dividends on preferred stock |  | — |  |  | — |  |  | — |  |  | 35 |
Net income available to common shareholders |  | $ | 2,718 |  |  | $ | 11,828 |  |  | $ | 8,538 |  |  | $ | 29,125 |
Denominator: |  |  |  |  |  |  |  |
Total weighted-average shares outstanding |  | 12,238,505 |  |  | 11,880,348 |  |  | 12,170,028 |  |  | 11,684,570 |
Effect of dilutive stock options and restricted stock units |  | 616,446 |  |  | 943,961 |  |  | 682,546 |  |  | 881,239 |
Total diluted weighted-average shares outstanding |  | 12,854,951 |  |  | 12,824,309 |  |  | 12,852,574 |  |  | 12,565,809 |
Earnings per share - basic |  | $ | 0.22 |  |  | $ | 1.00 |  |  | $ | 0.70 |  |  | $ | 2.49 |
Earnings per share - diluted |  | $ | 0.21 |  |  | $ | 0.92 |  |  | $ | 0.66 |  |  | $ | 2.32 |
Securities not included in the computation of diluted EPS because the effect would be antidilutive |  | 564,604 |  |  | 267,603 |  |  | 533,543 |  |  | 283,750 |

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