Note 3 - Earnings per Share

The following table sets forth the computation of earnings per share. Earnings per share calculations give retroactive effect to stock dividends declared by the Company.

	Three months ended				Nine months ended
	September 30,				September 30,
	2019		2018		2019		2018
Net income applicable to common stock	$	5,196,000	$	4,581,000	$	14,447,000	$	13,519,000
Basic earnings per share computation
Weighted average common shares outstanding		3,515,678		3,537,315		3,522,377		3,541,971
Earnings per share - basic	$	1.48	$	1.30	$	4.10	$	3.82
Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		3,515,678		3,537,315		3,522,377		3,541,971
Add: Dilutive effects of restricted stock		-		161		2,280		2,161
Weighted average common shares outstanding for dilutive earnings per share		3,515,678		3,537,476		3,524,657		3,544,132
Earnings per share - diluted	$	1.48	$	1.30	$	4.10	$	3.81

For the three months ended September 30, 2019 and 2018, there were 9,013 and 4,696 shares, respectively, related to the restricted stock plan that were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had per share prices ranging from $50.65-$62.93 for the three month period ended September 30, 2019 and per share prices ranging from $46.69-$62.93 for the three month period ended September 30, 2018. For the nine months ended September 30, 2019 and 2018, 4,453 and 4,033 shares, respectively, related to the restricted stock plan were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had prices ranging from $50.65-$62.93 for the nine month period ended September 30, 2019 and prices ranging from $46.69-$61.04 for the nine month period ended September 30, 2018.