Per Share Data

There are no convertible securities which would affect the denominator in calculating basic and dilutive earnings per share. There were a total of 96,500 stock options, with an average exercise price of $43.61, outstanding on March 31, 2017. These options were included, on a weighted average basis, in the computation of diluted earnings per share for the period due to the average market price of common shares of $46.94 being in excess of the exercise price of the options. There were a total of 32,500 stock options outstanding for the same period end in 2016 that had an average exercise price of $42.03 and were excluded from the computation of diluted earnings per share because the average market price of common shares was $39.02 for the period. Net income as presented on the consolidated statement of income will be used as the numerator. The following table sets forth the composition of the weighted average common shares (denominator) used in the basic and dilutive earnings per share computation.



	Three Months Ended March 31,
	2017	2016
Weighted average common shares outstanding - basic	4,734,805	4,740,503
Dilutive effect of outstanding stock options	26,500	—
Weighted average common shares outstanding - diluted	4,761,305	4,740,503