EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2020

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 6 – EARNINGS PER SHARE

The computation of basic and diluted earnings per share is shown below (dollars in thousands, except share data):

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Basic
Net income per consolidated statements of income	$	10,811	$	6,057	$	16,908	$	14,588
Less: Earnings allocated to participating securities		(95)		(107)		(164)		(243)
Net income available to common stockholders	$	10,716	$	5,950	$	16,744	$	14,345
Weighted average common shares outstanding including participating securities		8,294,801		8,320,036		8,299,503		8,310,071
Less: Weighted average participating securities		(73,053)		(146,549)		(80,650)		(138,711)
Weighted average common shares outstanding		8,221,748		8,173,487		8,218,853		8,171,360
Basic earnings per common share	$	1.30	$	0.73	$	2.04	$	1.76
Diluted
Net income allocated to common stockholders	$	10,716	$	5,950	$	16,744	$	14,345
Weighted average common shares outstanding for basic earnings per common share		8,221,748		8,173,487		8,218,853		8,171,360
Add: Dilutive effects of assumed exercise of stock options		74,597		126,491		108,905		121,022
Add: Dilutive effects of assumed vesting of performance based restricted stock units		63,105		36,086		63,756		28,484
Average shares and dilutive potential common shares		8,359,450		8,336,064		8,391,514		8,320,866
Dilutive earnings per common share	$	1.28	$	0.71	$	2.00	$	1.72

All stock options were considered in computing diluted earnings per common share for the three and six months ended June 30, 2020 and 2019. 52,197 restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive for the three and six months ended June 30, 2020.