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Computation of Earnings Per Common Share
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Computation of Earnings Per Common Share Computation of Earnings Per Common Share
Basic earnings per common share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued relate solely to outstanding shares in the Directors Plan and grant awards under the RSP.
Earnings per common share have been computed based on the following for the:
 Three Months Ended 
 March 31
20212020
Average number of common shares outstanding for basic calculation7,969,462 7,892,421 
Average potential effect of common shares in the Directors Plan (1)
114,384 163,186 
Average potential effect of common shares in the RSP4,678 — 
Average number of common shares outstanding used to calculate diluted earnings per common share8,088,524 8,055,607 
Net income$5,398 $3,064 
Earnings per common share
Basic$0.68 $0.39 
Diluted$0.67 $0.38 
(1)Exclusive of shares held in the Rabbi Trust