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Common Stock and Earnings per Share | 12 Months Ended
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Dec. 31, 2018
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 2018.
|  | 2018
Shares outstanding at January 1 |  | 12,286,896 |
20% stock dividend paid on December 14, 2018 |  | 2,457,484 |
Issuance of common stock: |  |  |
Employee restricted stock grants |  | 9,530 |
Employee SARs exercised |  | 12,048 |
Directors’ compensation |  | 9,526 |
Shares repurchased |  | (163,634 | )
Shares forfeited |  | (564 | )
Shares outstanding at December 31 |  | 14,611,286 |
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) |  | 2018 |  | 2017 |  | 2016
Basic: |  |  |  |  |  |  |  |  |
Net income |  | $ | 30,268 |  | $ | 25,014 |  | $ | 24,348
Weighted average common shares outstanding |  |  | 14,675,136 |  |  | 14,700,557 |  |  | 14,718,228
Basic earnings per share |  | $ | 2.06 |  | $ | 1.70 |  | $ | 1.65
Diluted: |  |  |  |  |  |  |  |  |
Net income |  | $ | 30,268 |  | $ | 25,014 |  | $ | 24,348
Weighted average common shares outstanding |  |  | 14,675,136 |  |  | 14,700,558 |  |  | 14,718,228
Effect of dilutive restricted stock, performance based restricted stock (“PBRS”), and SARs |  |  | 239,065 |  |  | 215,332 |  |  | 206,878
Weighted average common shares outstanding assuming dilution |  |  | 14,914,202 |  |  | 14,915,890 |  |  | 14,925,106
Diluted earnings per share |  | $ | 2.03 |  | $ | 1.68 |  | $ | 1.63
All share and per share data have been restated to give effect to the 20% stock dividend that was paid on December 14, 2018

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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