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Common Stock and Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of Common Stock Outstanding

The table below shows activity in the outstanding shares of the Company’s common stock during 2017.

	2017
Shares outstanding at January 1	11,188,466
10% stock dividend issued December 15, 2017	1,116,711
Issuance of common stock:
Employee restricted stock grants	3,825
Employee SARs exercised	7,547
Directors’ compensation	8,389
Shares repurchased	(38,042	)
Shares outstanding at December 31	12,286,896

Schedule of the Calculations of Basic and Diluted Earnings per Share

The calculations of basic and diluted earnings per share are as follows:

		December 31,
(In thousands except share and per share data)		2017			2016			2015
Basic:
Net income		$	25,014		$	24,348		$	23,056
Weighted average common shares outstanding			12,250,465			12,265,434			12,494,466
Basic earnings per share		$	2.04		$	1.99		$	1.85
Diluted:
Net income		$	25,014		$	24,348		$	23,056
Weighted average common shares outstanding			12,250,465			12,265,434			12,494,466
Effect of dilutive restricted stock, PBRS and SARs			179,445			172,386			175,784
Weighted average common shares outstanding assuming dilution			12,429,910			12,437,820			12,670,250
Diluted earnings per share		$	2.01		$	1.96		$	1.82