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Earnings Per Share
 12 Months Ended
Dec. 31, 2018
EARNINGS PER SHARE  
Earnings Per Share

NOTE 12 - EARNINGS PER SHARE



The following table sets forth the computations of basic and diluted earnings per share:











 

 

 

 

 



 

 

 

 

 



Years Ended December 31,



 2018 

 

 2017 



(In Thousands, Except Per Share Data)



 

 

 

 

 

Numerator, net income

$

 13,651 

 

$

 8,198 



 

 

 

 

 

Denominator:

 

 

 

 

 

Weighted average shares outstanding

 

 6,263 

 

 

 6,238 

Less:  Weighted average unvested restricted shares

 

 (31)

 

 

 (28)

Denominator:  Basic earnings per share

 

 6,232 

 

 

 6,210 



 

 

 

 

 

Weighted average shares outstanding, basic

 

 6,232 

 

 

 6,210 

Add:  Dilutive effect of stock options

 

 58 

 

 

 61 

Denominator:  Diluted earnings per share

 

 6,290 

 

 

 6,271 



 

 

 

 

 

Basic earnings per common share

$

 2.19 

 

$

 1.32 



 

 

 

 

 

Diluted earnings per common share

$

 2.17 

 

$

 1.31 



Stock options which had no intrinsic value because their effect would be anti-dilutive, and therefore would not be included in the diluted EPS calculation, were zero for both years ended December 31, 2018 and 2017, based on the closing price of the Company’s common stock which was $33.00 as of December 31, 2018 and 2017.  All share and per share information has been restated to reflect the 50% stock dividend declared in 2017.