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 423,700 stock options, with an average exercise price of $43.94, outstanding on March 31, 2019. All options were excluded, 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 being $40.10 for the period. There were a total of 118,500 stock options outstanding for the same period end in 2018 that had an average exercise price of $43.91 and were excluded, on a weighted average basis, in the computation of diluted earnings per share because the quarterly average closing market price of common shares was $40.36. for the period. Net income as presented on the consolidated statement of income is 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,
	2019		2018
Weighted average common shares issued	5,011,902		5,009,526
Weighted average treasury stock shares	(320,150	)	(320,150	)
Weighted average common shares outstanding - basic and diluted	4,691,752		4,689,376