Note 2 - Per Share Data

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]

2.

PER SHARE DATA

Basic earnings per common share are calculated using the

two

-class method to determine income attributable to common shareholders. Unvested restricted stock awards that contain nonforfeitable rights to dividends are considered participating securities under the

two

-class method. Distributed dividends and an allocation of undistributed net income to participating securities reduce the amount of income attributable to common shareholders. Income attributable to common shareholders is then divided by weighted-average common shares outstanding for the period to determine basic earnings per common share.

Diluted earnings per common share are calculated under the more dilutive of either the treasury method or the

two

-class method. Diluted earnings per common share is computed using weighted-average common shares outstanding, plus weighted-average common shares available from the exercise of all dilutive stock options, less the number of shares that could be repurchased with the proceeds of stock option exercises based on the average share price of the Corporation's common stock during the period.

	3 Months Ended						6 Months Ended
	June 30,			June 30,			June 30,			June 30,
	2018			2017			2018			2017
Basic
Net income	$	6,371,000		$	4,121,000		$	10,746,000		$	7,555,000
Less: Dividends and undistributed earnings allocated to participating securities		(32,000	)		(21,000	)		(55,000	)		(39,000	)
Net income attributable to common shares	$	6,339,000		$	4,100,000		$	10,691,000		$	7,516,000
Basic weighted-average common shares outstanding		12,210,902			12,106,008			12,200,245			12,095,926
Basic earnings per common share (a)	$	0.52		$	0.34		$	0.88		$	0.62
Diluted
Net income attributable to common shares	$	6,339,000		$	4,100,000		$	10,691,000		$	7,516,000
Basic weighted-average common shares outstanding		12,210,902			12,106,008			12,200,245			12,095,926
Dilutive effect of potential common stock arising from stock options		37,243			38,698			36,273			42,263
Diluted weighted-average common shares outstanding		12,248,145			12,144,706			12,236,518			12,138,189
Diluted earnings per common share (a)	$	0.52		$	0.34		$	0.87		$	0.62
Weighted-average nonvested restricted shares outstanding		61,172			62,080			63,175			63,633

(a) Basic and diluted earnings per share under the

two

-class method are determined on net income reported on the consolidated statements of income, less earnings allocated to nonvested restricted shares with nonforfeitable dividends (participating securities).

Anti-dilutive stock options are excluded from net income per share calculations. There were

no

anti-dilutive instruments in the

three

-month or

six

-month periods ended

June 30, 2018

and

2017.