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Earnings Per Common Share and Share Based Compensation | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Common Share and Share Based Compensation | Note 2—Earnings Per Common Share and Share Based Compensation The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: (In thousands except average market price)
|  | . |  |  |  |  |  |  |  |  |  |
|  | Nine months |  |  | Three months |
|  | Ended September 30, |  |  | Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Numerator (Net income available to common shareholders) |  | $ | 6,663 |  |  | $ | 8,274 |  |  | $ | 2,652 |  |  | $ | 2,898 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic shares |  |  | 7,440 |  |  |  | 7,548 |  |  |  | 7,458 |  |  |  | 7,386 |
Dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation |  |  | 24 |  |  |  | 40 |  |  |  | 13 |  |  |  | 39 |
Warrants/Restricted stock – Treasury stock method |  |  | 11 |  |  |  | 42 |  |  |  | 11 |  |  |  | 38 |
Diluted shares |  |  | 7,475 |  |  |  | 7,630 |  |  |  | 7,482 |  |  |  | 7,463 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.90 |  |  |  | 1.10 |  |  |  | 0.36 |  |  |  | 0.39 |
Diluted |  |  | 0.89 |  |  |  | 1.08 |  |  |  | 0.35 |  |  |  | 0.39 |
The average market price used in calculating assumed number of shares |  | $ | 15.87 |  |  | $ | 19.06 |  |  | $ | 13.69 |  |  | $ | 18.95 |
In the fourth quarter of 2011, we issued $2.5 million in 8.75% subordinated notes maturing December 16, 2019. On November 15, 2012, we redeemed the subordinated notes in full at par. In connection with the issuance of the subordinated debt, the Company issued warrants for 107,500 shares of common stock at $5.90 per share. There were 27,950 warrants outstanding at September 30, 2019 and these warrants are included in dilutive securities in the table above. All warrants were exercised by their expiration date of December 16, 2019. In 2006, the Company established a Non-Employee Director Deferred Compensation Plan, whereby a director may elect to defer all or any part of annual retainer and monthly meeting fees payable with respect to service on the board of directors or a committee of the board. Units of common stock are credited to the director’s account at the time compensation is earned and are included in dilutive securities in the table above. The non-employee director’s account balance is distributed by issuance of common stock at the time of retirement or resignation from the board of directors. At September 30, 2020 and December 31, 2019, there were 86,589 and 97,104 units in the plan, respectively. The accrued liability at September 30, 2020 and December 31, 2019 amounted to $1.0 million and $1.1 million, respectively, and is included in “Other liabilities” on the balance sheet. The Company has adopted a stock incentive plan whereby shares have been reserved for issuance by the Company upon the grant of stock options or restricted stock awards. At September 30, 2020 and December 31, 2019, the Company had 111,049 and 96,729 shares, respectively, reserved for future grants. The 350,000 shares reserved were approved by shareholders at the 2011 annual meeting. The plan provides for the grant of options to key employees and directors as determined by a stock option committee made up of at least two members of the board of directors. Options are exercisable for a period of ten years from date of grant. There were no stock options outstanding and exercisable at September 30, 2020 and December 31, 2019. The employee restricted shares and units cliff vest over a three-year period; the non-employee director shares vest one year after issuance. The unrecognized compensation cost at September 30, 2020 and December 31, 2019 for non-vested shares amounts to $327.2 thousand and $219.7 thousand, respectively. Each unit is convertible into one share of common stock at the time the unit vests. The related compensation cost is accrued over the vesting period and was $93.3 thousand and $61.0 thousand at September 30, 2020, and December 31, 2019, respectively.

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