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Computation of Earnings Per Common Share | 12 Months Ended
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Dec. 31, 2023
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. For further information related to potential common shares that may be issued relate solely to outstanding shares in the Directors Plan and grant awards under the RSP, see "Note 12 – Benefit Plans." Earnings per common share have been computed based on the following for the years ended December 31:
| 2023 |  | 2022 |  | 2021
Average number of common shares outstanding for basic calculation | 7,511,591 |  |  | 7,549,878 |  |  | 7,853,398 |
Average potential effect of common shares in the Directors Plan (1) | 34,962 |  |  | 70,329 |  |  | 99,813 |
Average potential effect of common shares in the RSP | 28,939 |  |  | 27,405 |  |  | 12,750 |
Average number of common shares outstanding used to calculate diluted earnings per common share | 7,575,492 |  |  | 7,647,612 |  |  | 7,965,961 |
Net income | $ | 18,167 |  |  | $ | 22,238 |  |  | $ | 19,499 |
Earnings per common share |  |  |  |  |
Basic | $ | 2.42 |  |  | $ | 2.95 |  |  | $ | 2.48 |
Diluted | $ | 2.40 |  |  | $ | 2.91 |  |  | $ | 2.45 |
(1) Exclusive of shares held in the Rabbi Trust

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