Earnings Per Share

9 Months Ended

Sep. 30, 2020

Note 6.Earnings Per Share

The components of the Company’s earnings per share calculations are as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2020				2019				2020				2019
	Shares		Per Share Amount		Shares		Per Share Amount		Shares		Per Share Amount		Shares		Per Share Amount
Basic earnings per share		3,794,725	$	0.41		3,784,934	$	0.54		3,792,700	$	1.19		3,782,943	$	1.39
Effect of dilutive stock awards		6,554				5,912				6,544				8,320
Diluted earnings per share		3,801,279	$	0.41		3,790,846	$	0.54		3,799,244	$	1.19		3,791,263	$	1.38

Unvested restricted shares have voting rights and receive nonforfeitable dividends during the vesting period; therefore, they are included in calculating basic earnings per share. The portion of unvested performance-based restricted stock units that are expected to vest, but have not yet been awarded, are included in the calculation of diluted earnings per share. Performance-based restricted stock units are expected to vest prior to the completion of the Merger.