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Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 3 – Earnings Per Common Share

Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). At September 30, 2020, there were RSUs relating to 5,070 shares of common stock outstanding.

The following tables set forth the calculation of basic and diluted earnings per common share for the nine and three month periods ended September 30, 2020 and 2019:

		Nine months ended September 30,
		2020								2019
					Average		Per Share						Average		Per Share
(in thousands, except for per share amount)		Income			Shares		Amount			Income			Shares		Amount
Basic Earnings Per Share:
Net income		$	9,285		7,008		$	1.32		$	10,247		7,098		$	1.44
Diluted Earnings Per Share:
Net income		$	9,285		7,019		$	1.32		$	10,247		7,098		$	1.44

		Three months ended September 30,
		2020								2019
					Average		Per Share						Average		Per Share
(in thousands, except for per share amount)		Income			Shares		Amount			Income			Shares		Amount
Basic Earnings Per Share:
Net income		$	4,960		6,988		$	0.70		$	4,493		7,107		$	0.63
Diluted Earnings Per Share:
Net income		$	4,960		6,993		$	0.70		$	4,493		7,107		$	0.63

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257

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