Earnings per Share

9 Months Ended

Sep. 30, 2021

Note 3 – Earnings per Share

The following table sets forth the computation of earnings per share.

	Three months ended				Nine months ended
	September 30,				September 30,
	2021		2020		2021		2020
Net income applicable to common stock	$	7,064	$	8,007	$	22,174	$	17,876

Basic earnings per share computation
Weighted average common shares outstanding		3,949,508		3,956,997		3,945,962		3,808,264
Earnings per share - basic	$	1.79	$	2.02	$	5.62	$	4.69

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		3,949,508		3,956,997		3,945,962		3,808,264
Add: Dilutive effects of restricted stock		95		-		7		2,025
Weighted average common shares outstanding for dilutive earnings per share		3,949,603		3,956,997		3,945,969		3,810,289
Earnings per share - diluted	$	1.79	$	2.02	$	5.62	$	4.69

For the three months ended September 30, 2021 and 2020, there were 4,977 and 9,480 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 $57.39-$63.19 for the three month period ended September 30, 2021 and per share prices ranging from $51.14-$62.93 for the three month period ended September 30, 2020. For the nine months ended September 30, 2021 and 2020, 6,000 and 5,347 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 $51.14-$63.19 for the nine month period ended September 30, 2021 and prices ranging from $58.37-$62.93 for the nine month period ended September 30, 2020.