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Earnings Per Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share  
Earnings Per Share

(12)    Earnings Per Share

 

Holders of unvested restricted stock receive nonforfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings.  Unvested restricted stock awards that contain nonforfeitable rights to dividends or dividend equivalents are considered to be participating securities in the earnings per share computation using the two-class method.  Under the two-class method, earnings are allocated to common shareholders and participating securities according to their respective rights to earnings.

 

The table below presents the information used to compute basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

(Dollars in thousands, except per share data)

 

2020

 

2019

 

Net income

 

$

4,473

 

$

6,524

 

Income allocated to participating securities

 

 

(11)

 

 

(35)

 

Net income available to common shareholders

 

$

4,462

 

$

6,489

 

 

 

 

 

 

 

 

 

Weighted-average number of shares used in:

 

 

 

 

 

 

 

Basic earnings per share

 

 

9,237,466

 

 

9,169,256

 

Dilutive common stock equivalents:

 

 

 

 

 

 

 

Stock options and restricted stock units

 

 

82,133

 

 

143,883

 

Diluted earnings per share

 

 

9,319,599

 

 

9,313,139

 

 

 

 

 

 

 

 

 

Net income per common share, basic

 

$

0.48

 

$

0.71

 

Net income per common share, diluted

 

$

0.48

 

$

0.70