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Note 11 - Earnings Per Common Share
 6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 11. 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 reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance.

 

The following table presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 (dollars in thousands, except per share data):

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30, 2021

  

June 30, 2020

  

June 30, 2021

  

June 30, 2020

 

(Numerator):

                

Net income

 $3,342  $2,243  $5,778  $3,948 

(Denominator):

                

Weighted average shares outstanding – basic

  4,868,901   4,849,719   4,866,376   4,900,303 

Potentially dilutive common shares – restricted stock units

  4,385   —   6,330   2,542 

Weighted average shares outstanding – diluted

  4,873,286   4,849,719   4,872,706   4,902,845 

Income per common share

                

Basic

 $0.69  $0.46  $1.19  $0.81 

Diluted

 $0.69  $0.46  $1.19  $0.81 

 

Restricted stock units for 15,858 shares of common stock were not considered in computing diluted earnings per share for the three months ended  June 30, 2020 because they were antidilutive. There were no antidilutive shares of common stock for three months ended June 30, 2021 and the six months ended June 30, 2021 and 2020.