NOTE 17 – EARNINGS PER SHARE

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


	Income		Shares	Per Share
(Dollars in thousands, except share and per share data)	(Numerator)		(Denominator)	Amount
Year Ended December 31, 2019:
Shares Outstanding (weighted average)			9,349,907
Shares held by Rabbi Trust			88,901
Shares liability under deferred compensation agreement			(88,901)
Basic earnings per share:
Net earnings applicable to common stockholders	$	22,543	9,349,907	$	2.41
Effect of dilutive securities:
Unexercised stock awards		-	31,670
Diluted earnings per share:
Net income applicable to common stockholders and assumed conversions	$	22,543	9,381,577	$	2.40
Year Ended December 31, 2018:
Shares Outstanding (weighted average)			7,874,676
Shares held by Rabbi Trust			99,029
Share liability under deferred compensation agreement			(99,029)
Basic earnings per share:
Net earnings applicable to common stockholders	$	9,923	7,874,676	$	1.26
Effect of dilutive securities:
Unexercised stock awards		-	46,593
Diluted earnings per share:
Net income applicable to common stockholders and assumed conversions	$	9,923	7,921,269	$	1.25

There were 50,045 and 13,317 shares of unvested restricted stock awards and options outstanding during the twelve months ended December 31, 2019 and 2018, respectively, that were not included in the computation of diluted EPS because to do so would have been anti-dilutive for the periods presented.