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Common Stock and Earnings per Share | 12 Months Ended
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Dec. 31, 2016
Earnings Per Share [Abstract] |
Common Stock and Earnings per Share | Note 9 Common Stock and Earnings per Share The table below shows activity in the outstanding shares of the Company’s common stock during 2016.
| 2016
Shares outstanding at January 1 | 11,332,272 |
Issuance of common stock: |  |
Employee restricted stock grants | 15,455 |
Employee SARs exercised | 20,761 |
Directors’ compensation | 9,029 |
Shares repurchased | (187,123 | )
Shares forfeited | (1,928 | )
Shares outstanding at December 31 | 11,188,466 |
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. Anti-dilutive shares are those SARs with prices in excess of the current market value. The calculations of basic and diluted earnings per share are as follows:
|  | December 31,
(In thousands except share and per share data) |  | 2016 |  | 2015 |  | 2014
Basic: |  |  |  |  |  |  |  |  |
Net income |  | $ | 24,348 |  | $ | 23,056 |  | $ | 24,033
Weighted average common shares outstanding |  |  | 11,150,395 |  |  | 11,358,609 |  |  | 11,479,025
Basic earnings per share |  | $ | 2.18 |  | $ | 2.03 |  | $ | 2.09
Diluted: |  |  |  |  |  |  |  |  |
Net income |  | $ | 24,348 |  | $ | 23,056 |  | $ | 24,033
Weighted average common shares outstanding |  |  | 11,150,395 |  |  | 11,358,609 |  |  | 11,479,025
Effect of dilutive restricted stock and SARs |  |  | 156,729 |  |  | 159,819 |  |  | 164,954
Weighted average common shares outstanding |  |  |  |  |  |  |  |  |
assuming dilution |  |  | 11,307,124 |  |  | 11,518,428 |  |  | 11,643,979
Diluted earnings per share |  | $ | 2.15 |  | $ | 2.00 |  | $ | 2.06

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