Outstanding Shares and Earnings Per Share

12 Months Ended

Dec. 31, 2020

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 27, 2021, payable on March 25, 2021, to shareholders of record as of February 26, 2021.

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)
	2020		2019		2018
Basic earnings per share:
Net income	$	12,161	$	14,721	$	12,551
Weighted average common shares outstanding		13,462,764		13,414,705		13,382,484
Basic earnings per share	$	0.90	$	1.10	$	0.94
Diluted earnings per share:
Net income	$	12,161	$	14,721	$	12,551
Weighted average common shares outstanding		13,462,764		13,414,705		13,382,484
Effect of dilutive shares		120,080		164,978		185,103
Adjusted weighted average common shares outstanding		13,582,844		13,579,683		13,567,587
Diluted earnings per share	$	0.90	$	1.08	$	0.93

Options not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 424,476 shares, 237,495 shares, and 95,109 shares for the years ended December 31, 2020, 2019, and 2018, respectively.  Restricted stock not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to  43,859 shares,  0 shares, and 0 shares for the years ended December 31, 2020, 2019, and 2018, respectively.