NOTE 10: Shareholders’ Equity, Other Comprehensive Income and Earnings Per Share

Shareholders’ Equity

During the year ended December 31, 2018, the Corporation repurchased 21,232 shares of its common stock under a share repurchase program authorized by its Board of Directors for an aggregate cost of $1.11 million. Additionally, during the years ended December 31, 2018, 2017 and 2016, the Corporation withheld 7,982 shares, 9,899 shares and 9,169 shares of its common stock, respectively, from employees upon vesting of restricted stock to satisfy tax withholding obligations.

Accumulated Other Comprehensive Income (Loss)

The following table presents the cumulative balances of the components of accumulated other comprehensive loss, net of deferred taxes of $1.23 million and $491,000 as of December 31, 2018 and 2017, respectively.


	December 31,
(Dollars in thousands)	2018		2017
Net unrealized (losses) gains on securities	$	(1,375)	$	638
Net unrecognized gains on cash flow hedges		215		124
Net unrecognized losses on defined benefit plan		(3,512)		(2,649)
Total accumulated other comprehensive loss	$	(4,672)	$	(1,887)

Earnings Per Share (EPS)

The components of the Corporation’s EPS calculations are as follows:


	Year Ended December 31,
(Dollars in thousands)	2018		2017		2016
Net income	$	18,020	$	6,572	$	13,459

Weighted average number of shares used in earnings per share—basic		3,501,221		3,486,510		3,454,282
Effect of dilutive securities—stock option awards		—		79		1,601
Weighted average number of shares used in earnings per share—assuming dilution		3,501,221		3,486,589		3,455,883

The Corporation has applied the two-class method of computing basic and diluted EPS for each period presented because the Corporation’s unvested restricted shares outstanding contain rights to nonforfeitable dividends. Accordingly, the weighted average number of shares used in the calculation of basic and diluted EPS includes both vested and unvested shares outstanding.