Outstanding Shares and Earnings Per Share

12 Months Ended

Dec. 31, 2018

Outstanding Shares and Earnings Per Share [Abstract]

Outstanding Shares and Earnings Per Share

 (13) Outstanding Shares and Earnings Per Share

All income per share amounts have been adjusted to give retroactive effect to stock dividends and stock splits, including the 5% stock dividend declared on January 24, 2019, payable March 29, 2019, to shareholders of record as of February 28, 2019.

Earnings Per Share

Basic and diluted earnings per share for the years ended December 31, were computed as follows:

	(in thousands, except per share amounts)
	2018		2017		2016
Basic earnings per share:
Net income	$	12,551	$	8,748	$	8,051
Weighted average common shares outstanding		12,123,801		12,082,983		12,058,728
Basic earnings per share	$	1.04	$	0.72	$	0.67
Diluted earnings per share:
Net income	$	12,551	$	8,748	$	8,051
Weighted average common shares outstanding		12,123,801		12,082,983		12,058,728
Effect of dilutive shares		167,894		153,534		77,554
Adjusted weighted average common shares outstanding		12,291,695		12,236,517		12,136,282
Diluted earnings per share	$	1.02	$	0.71	$	0.66

Options not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 86,267 shares, 70,374 shares, and 168,311 shares for the years ended December 31, 2018, 2017, and 2016, respectively.