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Earnings Per Common Share | 12 Months Ended
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Dec. 31, 2022
Earnings Per Common Share [Abstract] |
Earnings Per Common Share | NOTE 21 – EARNINGS PER COMMON SHARE The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities (certain unvested share-based awards and Series C preferred stock outstanding) according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share computation follow:
| Year Ended
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Basic |  |  |  |  |  |  |  |
Net income | $ | 18,164 |  | $ | 18,453 |  | $ | 29,608
Earnings allocated to participating securities (Series C preferred stock) (1) |  | - |  |  | - |  |  | (2,280)
Net income allocated to common stockholders | $ | 18,164 |  | $ | 18,453 |  | $ | 27,328
Weighted average common shares outstanding including unvested share-based payment awards |  | 6,508,064 |  |  | 6,605,278 |  |  | 6,072,829
Less: Unvested share-based payment awards-2019 Plan |  | (111,011) |  |  | (97,122) |  |  | (43,732)
Average shares |  | 6,397,053 |  |  | 6,508,156 |  |  | 6,029,097
Basic earnings per common share | $ | 2.84 |  | $ | 2.84 |  | $ | 4.53
Diluted |  |  |  |  |  |  |  |
Net earnings allocated to common stockholders | $ | 18,164 |  | $ | 18,453 |  | $ | 27,328
Add back: Preferred Dividends on Series B stock and accretion of discount |  | - |  |  | - |  |  | -
Net earnings allocated to common stockholders | $ | 18,164 |  | $ | 18,453 |  | $ | 27,328
Weighted average common shares outstanding for basic earnings per common share |  | 6,397,053 |  |  | 6,508,156 |  |  | 6,029,097
Add: Dilutive effects of assumed exercises of stock options |  | 27,096 |  |  | 45,169 |  |  | 34,158
Add: Dilutive effects of unvested share-based payment awards-2019 Plan |  | 111,011 |  |  | 97,122 |  |  | 43,732
Average shares and dilutive potential common shares |  | 6,535,160 |  |  | 6,650,447 |  |  | 6,106,987
Diluted earnings per common share | $ | 2.78 |  | $ | 2.77 |  | $ | 4.47
(1)12,607 outstanding shares of Series C preferred stock were converted into a total of 1,260,700 shares of the Company’s Non-Voting Common Stock effective as of the close of business on May 28, 2020. The following securities were anti-dilutive and not considered in computing diluted earnings per common share.
|  | 2022 |  |  | 2021 |  |  | 2020
Stock options |  | - |  |  | - |  |  | 331

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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 https://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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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