Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings per Share [Abstract]

Computation of 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