Outstanding Shares and Earnings Per Share

12 Months Ended

Dec. 31, 2019

Outstanding Shares and Earnings Per Share [Abstract]

Outstanding Shares and Earnings Per Share

 (14) 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 23, 2020, payable on March 25, 2020, to shareholders of record as of February 28, 2020.

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)
	2019		2018		2017
Basic earnings per share:
Net income	$	14,721	$	12,551	$	8,748
Weighted average common shares outstanding		12,772,528		12,732,726		12,698,948
Basic earnings per share	$	1.15	$	0.99	$	0.69
Diluted earnings per share:
Net income	$	14,721	$	12,551	$	8,748
Weighted average common shares outstanding		12,772,528		12,732,726		12,698,948
Effect of dilutive shares		157,122		176,289		161,211
Adjusted weighted average common shares outstanding		12,929,650		12,909,015		12,860,159
Diluted earnings per share	$	1.14	$	0.97	$	0.68

Options not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 226,186 shares, 90,580 shares, and 73,893 shares for the years ended December 31, 2019, 2018, and 2017, respectively.