Earnings Per Share and Capital Transactions

9 Months Ended

Sep. 30, 2019

Earnings Per Share and Capital Transactions

6.) Earnings Per Share and Capital Transactions:

Earnings per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common outstanding stock, net of any treasury shares, during the period. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents, based upon the treasury stock method using an average market price for the period. The common stock equivalents are comprised of restricted share awards.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Net income (amounts in thousands)	$	1,945	$	1,972	$	5,378	$	6,811

Weighted average common shares outstanding		4,351,801		4,338,498		4,341,858		4,367,035
Net effect of dilutive common share equivalents		7,894		6,344		7,279		6,163
Adjusted average shares outstanding-dilutive		4,359,695		4,344,842		4,349,137		4,373,198

Basic earnings per share	$	0.45	$	0.46	$	1.24	$	1.56
Diluted earnings per share	$	0.45	$	0.46	$	1.24	$	1.56