Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2019

NOTE 19 - EARNINGS PER SHARE ("EPS")

The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute EPS:

	2019						2018					2017
(dollars in thousands except per share amounts)	Income			Shares			Income		Shares			Income		Shares
Net income as reported	$	39,209					$	36,105				$	25,528
Less: Earnings allocated to Participating Securities		(74	)					—					—
Shares outstanding					20,030,866					20,000,022					15,908,893
Impact of weighting shares					(13,560	)				(2,848,800	)				(1,830,612	)
Used in basic EPS		39,135			20,017,306			36,105		17,151,222			25,528		14,078,281
Dilutive effect of outstanding
Stock options					376,118					816,431					1,160,084
Used in dilutive EPS	$	39,135			20,393,424		$	36,105		17,967,653		$	25,528		15,238,365

Basic earnings per common share	$	1.96					$	2.11				$	1.81
Diluted earnings per common share		1.92						2.01					1.68

Stock options for 76,500 shares and 399,000 shares of common stock were not considered in computing diluted earnings per common share for Dec 31, 2019 and 2018, respectively because they were anti-dilutive. There were no anti-dilutive stock options in December 31, 2017.